Cyber
Price Prediction:
Cyber
Flat
Contact
Glyn Thoms
Professional Risks, PI
T: +44 203 124 8673
E:
glyn.thoms@willistowerswatson.com
Estimated global Gross Written Premium expected to rise from approximately USD 5 billion in 2018 to over USD 6 billion in 2019
Global individual risk capacity of USD 750 million continues to expand
Over 60 insurers offering some form of Cyber coverage, with varying levels of risk appetite
Majority of insurers maintaining or increasing capacity for 2019
New entrants generally looking to enter the market on an excess of loss basis
Broad willingness to develop new coverages to address industry specific challenges
Growth in exposure and the potential systemic nature of a major Cyber event are leading regulators to ask insurers to evidence their approach to exposure aggregation and Silent Cyber
Some moves by insurers to take an affirmative position on Silent Cyber with areas such as Property Damage,
Business Interruption and Contingent Business Interruption of real interest
Increased interest by insurers on the reliance on ‘mission critical’ Cloud Service providers
Continued appreciation and focus on data protection as the regulatory environment tightens and more data is transferred to the Cloud
Insurers’ starting to see at least two or three Business Interruption claims per year
Premiums, retentions and limits vary by industry class, size of company and particularly, exposure, key rating factors being volumes and types of data and level of cyber security
Expanded coverage and financial recognition available for companies that demonstrate improvements in Cyber risk management
Insurer risk appetites vary widely, and remain unaligned on pricing and retentions
Insurers hiring Information Security professionals to support a more technical approach to risk assessment
Continued market innovation and attempt to differentiate offerings through pre-breach and post-breach incident response services
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