Cyber Insurance- The Market’s View
The eighth 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 extortion/ransom overtakes “Cyber-related business interruption” as the coverage that buyers are most interested in – 86% put this in their top – 3.
– “News of cyber-related losses” increases its lead (+14 percentage points) as the top new/increased cyber sales driver
– Underwriters are cautious about covering extortion demands (where legally insurable) – 23% prefer exclusion (c.f. only 6% of brokers) and almost half opt for inclusion with coinsurance of the buyer.
– “Cost” continues its rise up the ranks as a major sales obstacle – now in 2nd place, after 1st place “Not understanding exposures”
– Risk scanning is firmly established in underwriting – 65% do this already and a further 23% are looking into it
– 95% of underwriters analyze the systemic exposure in their cyber portfolio