The cyber insurance landscape has changed more dramatically than most, if not all, other markets in the last 10 years – worryingly, this rapid evolution has left some brokers feeling out of the loop or not quite confident when it comes to explaining the situation to clients.
James Crowther, general manager of emerging risks at Agile Underwriting, has been in the space for around a decade – he agreed there’s been significant movement during that time.
“Ten years ago, when I first moved into cyber insurance underwriting, the market was obviously much less sophisticated,” Crowther told Insurance Business. “Cyber insurance tended to be purchased as an add-on to existing products, like management liability or professional indemnity, rather than its own standalone product.”
Today, cyber insurance products are far more specialised – not only are they standalone products, but they also tend to include crisis management or incident response costs as part of a package.
In fact, many cyber specialists now position themselves as providers of crisis management and…
