"Cyber coverage is becoming an increasingly critical line of business for our members' clients," explained
The survey, which consisted of 16 questions designed to provide insights into the burgeoning cyber insurance market, creates a snapshot of the market and highlights changes and trends. While many clients were curious about cyber insurance, their interest did not necessarily translate to the purchase of a policy, according to survey results. Interestingly, widely publicized international events, including the
Respondents agreed that capacity remained plentiful in the market and premium pricing generally stayed the same over the last six months. Of those brokers collaborating with outside cybersecurity firms, the majority of respondents (62 percent) agreed that they are used for both quantifying cyber risk and post-event response while 32 percent said these partnerships are mainly used for post-event response and consulting. Additionally, the survey found brokers doing more when it comes cyber education. More than 85 percent of brokers surveyed had some proactive, strategic approach to marketing and educating their clients and prospects about cyber risks, a 15 percent increase from
Click here for the full report (https://www.ciab.com/resources/cyber-insurance-take-rate-remains-flat-second-half-2017-according-ciab-cyber-market-watch-survey/).
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