Howden’s cyber insurance report portrays a stabilizing market poised for growth and innovation, despite an evolving threat landscape.
Current cyber insurance market conditions offer businesses an opportunity to secure coverage at more favorable terms, as rates have transitioned to double-digit decreases in 2024 compared to the triple-digit increases of a few years ago, according to Howden’s annual cyber insurance report.
The report, titled “Risk, Resilience and Relevance,” highlights how competitive forces and improved cyber hygiene by policyholders is helping prevent or mitigate the impact of cyberattacks, creating a more stable foundation for the cyber insurance market to expand its exposure and relevance.
“Improved market conditions reflect underwriting actions taken by carriers during the hard market, alongside ongoing investments made by businesses in strengthening their risk postures and claims management practices,” the report stated.
Cyber insurance rates are 15% lower in 2024 than the market’s peak in mid-2022, Howden reported. Rate competition is highest in…
