The U.S. cyber insurance market is at a standoff. As coverage demand continues to accelerate in 2021, coverage supply has put on the brakes. On the demand side are organizations of all sizes, across all industry classes. They are looking to make an initial coverage purchase, increase their existing coverage or simply renew within budget. On the other side are the insurance companies. They have been battered by higher-than-anticipated losses, so they are only willing to write less coverage (or sometimes no coverage) at a significantly higher rate.
Even with the right cyber security mitigations in place, organizations are still finding it impossible to secure 2021 coverage at 2020 rates, according to the new U.S. Cyber Market Outlook. In addition, over the past year, challenges of the COVID-19 pandemic, and increasing frequency and severity of ransomware attacks adds to the pressure.
How can you help clients navigate through these issues and ensure smooth renewals for the year ahead?
Learn key insights from the U.S. Cyber Market Outlook, including:
- What the overall market trends are, and a look at the evolution of cyber coverage
- How the proliferation of ransomware caused shift in market
- How underwriting better reflects current cyber exposures
- Why Multi-factor authentication (MFA) is a must-have for cyber coverage
- Key considerations for agents and insureds moving forward