Insurers significantly increased premiums for cyber coverage over the course of 2021, as a string of high-profile attacks and government action helped boost demand for products, data collected by industry bodies shows
Direct-written premiums collected by the largest U.S. insurance carriers in 2021 swelled by 92% year-over-year, according to information submitted to the National Association of Insurance Commissioners, an industry watchdog, and compiled by ratings firms.
The sometimes drastic rate increases reflect a realignment of a relatively new market that is maturing quickly, executives say, indicating that the insurance industry is getting to grips with pricing cyber risk. “Now, if you can’t demonstrate certain baseline controls, the vast majority of the marketplace is going to say no,” said Adam Lantrip, senior vice president and leader of the professional and cyber solutions practice at insurance brokerage CAC Specialty.
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