New York — Cyber insurance premium renewals have swung from double-digit rate increases just a few years ago to single-digit rate decreases in the fourth quarter of 2023 as policyholders improved their cyber controls at the urging of insurers.
Meanwhile, growth in the market is spreading to the small- and medium-sized enterprise space, where business is expected to migrate to online platforms, according to a panel discussion at the Professional Liability Underwriting Society’s Cyber Symposium Tuesday in New York.
DJ Ruhlman, New York-based senior vice president at RT Specialty, a unit of Ryan Specialty Holdings Inc., called the security measures that insurers “pushed” on clients, such as multifactor authentication, “a beautiful thing.”
“We pushed along that improvement with our clients,” Mr. Ruhlman said, adding such controls help mitigate the severity of cyber incidents even as frequency rises, he said.
Panelists said growth in the market had spread beyond large, complex accounts into the small- and medium-sized enterprise space.
There is “tremendous growth in SME and middle market,” said Joe DePaul, New York-based chief revenue officer and…
