Greater awareness throughout organizations of cyber risks drove significant increases in the take-up rate of cyber insurance purchased by Marsh clients between 2014 and 2015, according to the latest report from the broker.
Overall, Marsh reported a 27 percent increase in the number of insureds buying standalone cyber insurance for the first time in 2015. The manufacturing industry showed the biggest increase with a 63 percent rise over 2014. Insureds in the communications, media, and technology sector showed the second-largest increase in new purchases at 41 percent.
“Markets remained challenging for certain industries — notably retail and health care — and insureds with significant losses. Average rates at renewal for both primary layers and total programs typically increased throughout 2015, but at a declining rate, with increases in the latter half of the year generally lower than in the first half in 2015. The average primary rate per million rose at 18.5% in the first quarter of 2015; that rate dropped to 12.1% in the fourth quarter,” Marsh reported.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
