AM Best has assigned a stable outlook to the global cyber insurance segment, citing greater demand and favorable intermediate-term growth prospects as take-up rates steadily improve.
Tag: cyber premiums
Beazley Wary of Social Inflation Effect While Cyber Premiums Sag
Beazley plc saw lower first-quarter premiums in cyber as the group implements its excess and surplus operation and remains wary of lines affected by social inflation.
Cyber Insurance Market Growing Dramatically, Triple-I Finds
Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56% of the total, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief.
Looking Ahead: Declining Cyber Premiums, the Return of Ransomware, and New SEC Regulations
Woodruff Sawyer’s “2024 Cyber Looking Ahead Guide” covers the decline in pricing, cyber warfare, new SEC regulations, the emergence of personal liability for CISOs and AI’s impact on cyber risk.
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.
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.
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.
Cyber Insurance Market Begins to Stabilize
The market for cyber insurance, according to observers, has begun to stabilize after a surge in ransomware attacks in recent years pushed up premiums dramatically.
Higher Cyber Premiums to Help Insurer Performance
According to Fitch Ratings, the cyber insurance market is expanding as premiums rise sharply and insurers remain committed to the market despite losses due to rising claims. The performance of cyber insurers will likely improve as prices rise and underwriting standards tighten, according to Fitch. Nonetheless, the loss experience of the cyber-insurance segment will most… Continue reading Higher Cyber Premiums to Help Insurer Performance
Buying Cyber Is More Challenging for Businesses as Attacks Proliferate and Costs Rise
Obtaining or renewing cyber insurance has become costly and time-consuming for many businesses. The cost of cyber insurance has risen in the last year as the number of ransomware hacks and other cyberattacks has increased. Given these realities, insurers are becoming more stringent when it comes to renewing or granting new or additional coverage. They… Continue reading Buying Cyber Is More Challenging for Businesses as Attacks Proliferate and Costs Rise