Take-up Rates Increase, Market Continues to Soften, According to CIAB’s Cyber Market Watch Survey
When it comes to purchasing cyber insurance, clients are beginning to ask the right questions as they become more familiar with the risk, according to
"As brokers become more experienced with cyber exposures, they are growing their knowledge of this new breed of risk," said
Roughly 32 percent of respondents' clients purchased some form of cyber liability and/or data breach coverage in the last six months, compared to 29 percent in
Of policyholders who purchased cyber coverage in the last six months, 44 percent increased their coverage levels while 56 maintained their existing level of coverage. One respondent explained, "most clients that are renewing coverage are actively exploring increased limits, or at least assessing if their current limits are adequate."
The last six months also saw trend changes in premium pricing, as 85 percent of respondents noted that premium pricing generally stayed the same or decreased. Just a year ago, nearly 40 percent of respondents reported an increase in premium pricing, proving that policies are becoming more affordable.
The Council developed and launched its first
To see the full results, click here (https://www.ciab.com/wp-content/uploads/2017/05/Spring2017_CyberSurvey_ExecSummary_FINAL.pdf).
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