As digital transformation accelerates, insurers face new challenges, notably the rise of AI risk insurance. This article from Program Business Marketplace examines AI Risk’s implications for the insurance sector, drawing parallels with familiar cybersecurity risks faced by carriers, agents, and brokers.
Tag: cyber insurance
D&O, Cyber Rates Dropped in Q2, and Commercial Auto Average Increases Ticked Back Up
Stabilization of some parts of the commercial property/casualty insurance market continued apace in the second quarter of 2023, with an “oversupply” of capacity in the directors and officers liability sector, lower rates in cyber, and chance to save some money in the workers compensation market, according to a market update from Woodruff Sawyer.
Global Cyber Insurance: Reinsurance Remains Key to Growth
Cyber insurance is still the fastest-growing subsector of the global insurance market. Global cyber insurance premiums reached about $12 billion in 2022, and in S&P Global Ratings’ view, are likely to increase by an average 25%-30% per year to about $23 billion by 2025.
Cyber Price Increases Fall to An Average 3.6% in Q2: CIAB
In the “strongest sign of relief” of the past two years for cyber insurance buyers and their brokers, cyber premiums rose by an average of just 3.6% in the second quarter of 2023, according to the Council of Insurance Agents & Brokers’ (CIAB) latest survey.
White House Pushes K-12 Cybersecurity Following Hacks at LAUSD and Other Schools
Almost a year after hackers exfiltrated 500GB of data including 2,000 student records from the Los Angeles Unified School District, Superintendent Alberto Carvalho joined White House officials in calling for improved cybersecurity at K-12 schools across the nation.
Cyber Insurer Resilience Secures $100 Million in Funding
Resilience Cyber Insurance Solutions has completed a Series D funding round, raising $100 million as startup cyber insurance companies continue to attract investment.
White House Looks to Close Massive Cyber Skills Gap
The National Cyber Workforce and Education Strategy calls for government officials to work with the private sector and other key stakeholders to open foundational cyber skills to all Americans.
Global Commercial Insurance Rates Continue to Moderate as Pricing Up 3% in 2Q
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.
Average Data Breach Cost Hits All-Time High of $4.4M: IBM
According to IBM’s annual Data Breach report, the average cost of a data breach has reached an all-time worldwide high of $4.45 million, up 2.3% from 2022 and 15.3% since 2020.
Identity Theft Resource Center Sees Record-Setting Number of Data Compromises in Q2
According to the H1 2023 Data Breach Report, there were 951 publicly-reported data compromises in the quarter, a 114 percent increase compared to the previous quarter (445 compromises).