The insurance market is failing to meet the requirements of Airmic’s members regarding premium rates, scope of cover and capacity as premium rates rise to as high as 400 per cent, according to the association’s latest pulse survey.
The survey, entitled ‘The harsh market with a focus on cyber’, was conducted in September 2021 and canvassed members of the Airmic leadership group of risk professionals.
According to the survey responses, there is a perception that the cyber insurance market has adopted “inconsistent approaches” for the capture and analysis of data, which has led to a wide variety in the risk appetite for cyber cover.
The pulse survey assesses the top two renewal trends to be high premium rates (60 per cent) and an increase in the information required by underwriters (52 per cent). Other renewal characteristics seen in 2021 include reduced insurer capacity, reduced programme capacity, and insurers taking longer to provide quotes.
More than half (53 per cent) of respondents purchase cyber insurance, noting that although claims frequency remains low, all claims related to a ransomware attack had been paid.
In a session at the…
