A strong cyber insurance carrier will help clients identify what risk management tools can make them a more attractive risk.
White Paper Summary
Businesses today are becoming all too familiar with the never-ending cyber insurance application. Risk management executives and their insurance brokers might find they’re filling out question after question on cybersecurity controls before carriers will even consider offering coverage.
Increasingly frequent cyberattacks in recent years caused many carriers to become more discerning when selecting the risks they underwrite. Many have raised rates and tightened terms and conditions in order to remain profitable. Global cyber insurance prices increased 28% year-over-year in the fourth quarter of 2022, per reporting from the Wall Street Journal. These rate hikes come after a 48% increase in Q3, compared to the previous year, and a 79% increase in Q2.
“We saw a rapid hardening of the market conditions with a contraction of terms and conditions, contraction of limits and massive increases in prices,” said Jamie Schibuk, EVP of PL & Cyber at Arch Insurance Group Inc.
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