Zurich North America has introduced a cyber insurance offering designed specifically for middle market businesses.
Tag: cyber insurance
Cyber Reinsurance Premiums Must Triple by 2030 to Meet Growth Expectations: Howden
“Whilst cyber reinsurance premiums are currently in the range of $6 billion, they would need to increase more than three times over in order to fulfill growth expectations by the end of the decade.” analysts at international insurance broker Howden suggest.
Ransomware Criminals Are Dumping Kids’ Private Files Online After School Hacks
Complete sexual assault case folios containing these details were among more than 300,000 files dumped online in March after the 36,000-student Minneapolis Public Schools refused to pay a $1 million ransom.
Global Cyber Insurance GDPW Reached Nearly 13.5B in 2022
GDPW for cyber insurance can be estimated globally at close to $13.5 billion in 2022 rising towards $14 billion if captive insurers are also included, and with the US alone likely to make up over a half of the total.
Hard Market Cycle in U.S. Cyber Insurance Segment Brings Return to Profitability
The U.S. cyber insurance market continued strong growth in 2022, with direct premium increasing by 50% to $7.2 billion and improving loss ratios given greater attention to underwriting discipline, according to a new AM Best report.
SEC Delays Final Rule on Cyber Incident Disclosure Amid Industry Pushback
The Securities and Exchange Commission has delayed a final rule requiring publicly traded corporations to report major cyber breaches and assaults in regulatory filings until October.
Microsoft Says Early June Disruptions to Outlook and Cloud Platform Were Cyberattacks
In early June, sporadic but serious service disruptions plagued Microsoft’s flagship office suite — including the Outlook email and OneDrive file-sharing apps — and cloud computing platform.
Cyber Insurance Premiums Surge by 50% in 2022 as Ransomware Attacks Increase
US cyber insurance premiums surged 50% in 2022 as increased ransomware attacks and online commerce drove demand for coverage.
Cyber Models Put 1:200-Year Loss Event at Up to $33.4B: Guy Carpenter
A 1 in 200-year cyber event could cost the global cyber insurance industry between $15.6 billion and $33.4 billion, according to a new analysis from reinsurance broker Guy Carpenter.
U.S. Cyber Premiums Soared 51% to $7.2B in 2022: Fitch
Cyber insurance direct written premiums jumped 51% year-over-year in 2022 to $7.2 billion, but the hard market phase “has run its course” and rate growth will flatten out in the coming months.