U.S. cyber market loss ratios returned to 2019 levels in 2022, dropping from 67% in 2021 to 45% across standalone and package policies, according to Aon’s recently released cyber market update.
Tag: cyber losses
Global Economy Resilient to Cyberattacks, But Major Events Pose Significant Risk: CyberCube
A recent report by cyber risk analytics provider CyberCube reveals that while the global economy has shown resilience to cyber attacks with minimal financial losses experienced so far, the analysis of near-miss events suggests a significant risk of far larger losses in the future.
Insurers Raise Cyber Rates Significantly Amid Costly Losses
According to data collected by industry bodies, insurers significantly increased premiums for cyber coverage over the course of 2021, as a string of high-profile attacks and government action helped boost demand for products. Direct-written premiums collected by the largest U.S. insurance carriers in 2021 swelled by 92% year-over-year, according to information submitted to the National… Continue reading Insurers Raise Cyber Rates Significantly Amid Costly Losses
Hidden Cyber Risk in US Property Market Could Lead to $12.5bn Losses, Says Report
Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and could cause certain carriers’ capital adequacy ratios to deteriorate. According to a new study conducted by CyberCube, AM Best and Aon, sufficient cyber risk is accumulating in the US property market to trigger a one-in-100-year loss of… Continue reading Hidden Cyber Risk in US Property Market Could Lead to $12.5bn Losses, Says Report
Global Insurance Pricing Up 15% in Q2 2021 as Rate Increases Continue to Moderate; Cyber Rates Rise on Increased Losses
Global commercial insurance prices increased 15% in the second quarter of 2021, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor. It’s the 15th consecutive quarter of rate increases in the global commercial insurance market. It also marks the third consecutive quarter to show a… Continue reading Global Insurance Pricing Up 15% in Q2 2021 as Rate Increases Continue to Moderate; Cyber Rates Rise on Increased Losses
WTW Launches Suite of Cyber Assessments to Help Clients Better Manage Risk
Willis Towers Watson, a leading global advisory, broking and solutions company, has introduced two new cyber risk assessment services in direct response to the findings from its recent cyber claims insights report. The report found that: Human error (people risk) was the single biggest root-cause of global cyber incidents / claims, and; Ransomware (and the… Continue reading WTW Launches Suite of Cyber Assessments to Help Clients Better Manage Risk