- The cyber-insurance market is making a comeback due to moderating price hikes, new carriers, and fresh capital.
- Price hikes rose by 10% from a year earlier in January, a fraction of the 110% annual increase reported in the first quarter of 2022.
- Ransomware attacks against industrial organizations increased by 87% in 2022, with the US Treasury Department flagging nearly $1.2 billion in likely payments.
- Insurers worldwide wrote $10 billion in cyber premiums in 2021, estimated to exceed $23 billion by 2025.
- New carriers and fresh sources of capital have entered the market, with Beazley launching a $45 million cyber catastrophe bond in January.
Cyber Insurance Back From the Brink After Ransomware Onslaught
The cyber-insurance market, battered by a rash of pandemic-era ransomware attacks, is making a comeback. Price hikes are moderating, new carriers and fresh sources of capital are emerging, and companies can better afford coverage.
Max Reyes
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