For the fifth year, PartnerRe has collaborated with Advisen to undertake a comprehensive survey of the evolution of the market for cyber insurance, both first and third-party coverage, and the factors and trends impacting that evolution.
Some of the key findings:
• The shift from endorsement to standalone cyber policies continues as insureds seek dedicated limits, higher limits,
and expanded coverage, emphasizing the need for a separate cyber insurance market.
• ‘News of cyber-related losses experienced by others’ and ‘experiencing a cyber-related loss’ held onto the top two
spots as the main drivers of cyber product sales.
• Buying cyber coverage because it was ‘required by a third party’ moved up from fourth to third place, despite stiff
competition from the new category of ‘regulatory changes’.
• There has been a healthy take-up of coverage by SMBs and by less traditional buyer sectors including
manufacturing, which together with healthcare and professional services, now lead the table of new-to-market
• Lack of understanding of exposure and coverage options remain the primary obstacles to selling cyber insurance.