Cyber Insurance- The Market’s View
The seventh annual edition of PartnerRe and Advisen’s comprehensive global survey of the cyber insurance market is now available, offering the latest insight into the trends facing cyber underwriters and brokers. The report offers valuable commentary from PartnerRe experts and observations from insurance professionals all over the world on this evolving market.
Key findings include:
-Cyber insurance prices are rising, with brokers reporting increases of 5% to 10%, with many buyers frequently requesting higher limits.
-Manufacturing/industrial generated the most new-to-market buyers to the standalone cyber market, with nearly half of our survey respondents identifying the sector among their top three.
-“News of cyber-related losses experienced by others” and “Experiencing a cyber-related loss” continue to be the two most common drivers of cyber insurance sales for brokers and underwriters.
-Although not understanding exposures remains the primary obstacle to sales, cost is increasingly a barrier for some buyers as the market changes.
-Cyber-related business interruption remains the most sought-after cyber coverage – 68% selected it as a top-3 coverage.
-The impact of COVID-19 on the market remains uncertain, but some respondents worry we are in “the quiet before the storm.”