Insurers say cyber insurance underwriting is profitable for now
Carriers say that cyber insurance is quite profitable for them at the moment, and a majority are also using reinsurance to manage their exposures, PwC found in a global survey of specialist writers.
The consulting firm’s survey found that 80 percent of respondents reported they’re writing cyber insurance with combined ratios lower than 80 for the most recent 12-month period.
Competition grows as insurers target US cyber market
The fast-growing US cyber-cover market is increasingly competitive as insurers seek profitable expansion.
Standalone and package cyber premium grew 54% to $US2 billion ($2.7 billion) last year, according to a Fitch Ratings report.
As cyber insurance market grows, accumulation risk is a key concern: Geneva Assn.
By L.S. Howard
Although cyber risk premiums have expanded sizably in recent years with loss ratios that compare favourably to other product lines, the danger of accumulation risks is a key concern for the market, according to a study released by insurance industry think tank The Geneva Association.
The study, titled “Advancing Accumulation Risk Management in Cyber Insurance,” identifies three prerequisites to a sustainable cyber insurance market.
Cyber insurance booms as no one quite knows what they’re talking about
Written by Jonathan Cotton
IStart Technology in Business
As threats from cybercriminals mount (or at least the perception of it), insurers prepare for boom times…
With the global cyber insurance market expected to reach $14b by 2022, and with mandatory data breach legislation coming into effect for Australia in February, insurance brokers could be forgiven for thinking they’ve got it made.
Cyber capacity is plentiful at H1 while pricing remains flat: CIAB
Author: Matt Sheehan
Capacity in the cyber re/insurance space has proven plentiful over the last six months, while the take-up rate among clients has been consistently low and pricing has generally remained flat to down, according to the Council of Insurance Agents & Brokers (CIAB).
Cyber Insurance: One Day Conference
By Criterion Conferences
When it comes to cyber insurance, it is clear there is no “one size fits all” approach. Underwriters, insurers and reinsurer are working through many challenges to develop and refine cyber products for the unique needs of different markets and evolving threat landscape.
Attend to learn about:
- Products in the market & where are the gaps?
- Changes in regulation & cyber threats that impact coverage
- Quantifying risk & loss in the absence of historical data
- Overcoming the challenges of taking a cyber product to market