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 market
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.
How Insurance Agents Can Support Cyber Liability for Their Clients
The value of the advice insurance agents provide to clients with cyber liability insurance grows daily as hackers increasingly target small businesses and government operations with weak or nonexistent defenses against cyberattacks on their networks. In addition, the cyber liability insurance coverage agents offer protects businesses from lawsuits resulting from data breaches, identity theft, and… Continue reading How Insurance Agents Can Support Cyber Liability for Their Clients
Best’s Special Report: Scrutiny of Management Approach Increases as London Cyber Insurance Market Grows
A growing cyber book could present a risk to a (re)insurer’s financial strength if not managed appropriately. While cyber risk has gained significant attention in recent years following a number of high profile hacks and breaches, the aggregate loss potential of cyber and its implications for the London insurance market are less clear because insurers… Continue reading Best’s Special Report: Scrutiny of Management Approach Increases as London Cyber Insurance Market Grows
Munich Re Plans to Retain 10% Share of Cyber Market
Munich Re has revealed that it plans to continue focusing more of its business on the growing cyber re/insurance market, with the aim of retaining its current 10% share. The re/insurer earned premium volume of almost US $500 million from cyber coverage in 2018, equally split between primary insurance and reinsurance. Munich Re said that… Continue reading Munich Re Plans to Retain 10% Share of Cyber Market
Verisk Launches New Underwriting Solution for Cyber Insurance
Verisk, a leading data analytics provider, announced today the launch of its Cyber Underwriting Report, a new InsurTech solution that can help insurers underwrite a wide variety of risks in the growing cyber market with increased speed and precision. The report is designed to help insurers underwrite policies in a range of industries where cyber… Continue reading Verisk Launches New Underwriting Solution for Cyber Insurance
U.S. Cyber Insurance Premiums Doubled in Four-Year Span: A.M. Best
Direct premiums written in the U.S. cyber insurance market have more than doubled over a four-year span, to $2.0 billion in 2018 from $996 million in 2015, as insurers have increased their writings and expanded product offerings to meet an ever-growing demand, according to a new AM Best special report. In the new Best’s Market… Continue reading U.S. Cyber Insurance Premiums Doubled in Four-Year Span: A.M. Best
Munich Re Looks to SMEs and Developing Markets for Cyber Risk Diversification
Global reinsurance giant Munich Re continues to grow its cyber business in-line with the market, and also remains more focused on providing solutions for small and medium sized enterprises (SMEs), according to the Chief Executive Officer (CEO) of its Reinsurance segment, Torsten Jeworrek. Speaking during an analyst and investor call following an announced updated profit… Continue reading Munich Re Looks to SMEs and Developing Markets for Cyber Risk Diversification