Advisen and PartnerRe released a white paper featuring the results of a comprehensive survey of the evolution of the cyber insurance marketplace. The 2016 Survey of Cyber Insurance Market Trends is intended to give insurance providers and brokers additional insight into the factors and trends impacting that evolution, as well as the demand and growth potential for cyber insurance products in the US.
The free, 11-page paper is sponsored by PartnerRe.
What are the top drivers of cyber product sales? What are the top three factors in clients’ cyber insurance buying decisions? How is cyber liability coverage sold? What are the biggest obstacles to writing cyber insurance policies? What industries bring the most new buyers of cyber insurance? Are cyber insurance policies meeting the needs of insureds?
These are some of the questions that PartnerRe and Advisen asked more than 300 producers and underwriters in the 2016 Survey of Cyber Insurance Market Trends.
For the third year, PartnerRe has collaborated with Advisen to undertake its market survey of trends that are shaping the cyber insurance marketplace. They sought to ascertain not only demand for cyber insurance products, but also the challenges of meeting the demand with meaningful products.
The results provide a fascinating insight into the demand dynamics in the cyber insurance market. Responses were also compared with results of previous surveys’ findings.
More than half of the respondents indicated that their clients “sometimes” seek higher limits, and a quarter of these said their clients “frequently” seek higher limits. That’s not surprising, as the demand for the product is still maturing, losses are still being publicized, and insureds are committing more resources towards their cyber security and insurance purchase.