Cyber insurance has been around for about 20 years. These insurance policies cover common cyber-related losses, such as those associated with data breaches and ransomware attacks that result in loss of business or disruptions. But while more companies may be looking for insurance against attacks, stability in premium rates and access to policies are changing.… Continue reading Increasing Cyberthreats Raise Cyber Insurance Premiums While Reducing Availability
Tag: cyber premiums
Cyber Premiums Continued to Soar in Q3 2021
According to The Council’s Commercial Property/Casualty Market Index, premium prices continued to rise in Q3 2021. Prices increased for the 16th consecutive quarter across all account sizes, at 8.9 percent, slightly higher than the 8.3 percent average increase recorded in Q2 2021. When the data was segmented by account size, large accounts had the highest… Continue reading Cyber Premiums Continued to Soar in Q3 2021
Cyber Attacks Are Seen Pushing Up Risk Premiums for Stocks
U.S. equity investors are demanding higher risk premiums to compensate for rising cyber threats as the coronavirus pandemic pushes more businesses to move online. That’s according to researchers at Michigan State University who found that funds adjust their positions according to the “cyber riskiness” of holdings, especially when data breaches are high. Hackers prefer larger… Continue reading Cyber Attacks Are Seen Pushing Up Risk Premiums for Stocks
Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise
U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, known as ransomware, to take down systems that control everything from hospital billing to manufacturing.… Continue reading Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise
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
U.S. Cyber Premiums Up 10% to $2.03B in 2018: Aon Study
A new study by global reinsurance brokerage Aon indicates that cyber premiums grew to just over $2 billion in 2018, roughly a 10% increase from the prior year. Premiums from package business grew modestly, rising 6% year on year, while standalone cyber premiums grew 14%. Premiums for small commercial-focused cyber insurers grew 19%. Additionally, 184… Continue reading U.S. Cyber Premiums Up 10% to $2.03B in 2018: Aon Study