While it is extremely difficult to determine how large the cyber-insurance market currently is in the U.S., conventional wisdom points to an annual premium volume in excess of $1.2 billion, and possibly as high as $1.5 billion. In any event, the potential market is huge and expanding.
From a revenue standpoint, cyber coverages could rise to the level of CGL policies, especially in the small- to medium-sized-risk sector, as everyone has a need for some cyber-liability products.
Producers are cautioned to take the time to learn what cyber coverage encompasses so they can be proactive and use the requisite skills and knowledge to respond appropriately to clients' needs.
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