By Editor Katie Scott
The cyber insurance market is certainly one that is keeping insurers and brokers on their toes.
This was clearly evidenced by our roundtable with professional services firm RSM last month (26 January 2023), where attendees flagged broker training and cyber competency, cheaper cyber cover options for SMEs and confusion over physical losses linked to cyber events as some of the key issues this nascent market is grappling with.
With my head full of these findings, I tuned in to S&P Global Ratings’ 2023 cyber outlook webinar on 2 February 2023 to see whether the credit rating agency was picking up on similar or different trends.
Listening to Simon Ashworth, head of analytics and research, insurance at S&P Global Ratings, my main takeaway was that the cyber insurance market is still being treated with kid gloves by insurance firms – despite the fact that it is “one of the key growth” markets for the future.
Describing the cyber insurance sector as still being “very much in its infancy”, Ashworth explained that “insurers and reinsurers are grappling with questions about how and even if they want to play in this space”.
Part of this debate is…
