By Daphne Zhang (September 16, 2021, 5:17 PM EDT) — Businesses are increasingly turning to cyberinsurance to fend off unpredictable cyberattacks, as insurance companies are trying to stay competitive in the growing market while grappling with the risks of paying multimillion-dollar ransom demands.
Bob Wice
Bob Wice, head of cyber underwriting management at Beazley Group, recently told Law360 that Beazley raised cyberinsurance premiums by at least 140% in 2021 and reduced some policy limits from $15 million to $5 million to manage the growing demand and risks in the cyberinsurance landscape.
This is the second of two interviews with Beazley experts on the state of the cyberinsurance market.
Has Beazley seen…
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