An increasing awareness and appreciation of cyber risk, from the boardroom to the data center, is driving a 27% increase of Cyber insurance purchases by its U.S.-based clients, says New York City-based global insurance broker Marsh LLC.
According to Marsh's "Benchmarking Trends: Operation Risks Drive Cyber Insurance Purchases," released today, this increase continues a pattern of strong growth in Cyber insurance: 32% increase in 2014 over 2013, and a 21% increase in 2013 over 2012. The yearly increase shows that organizations see cyber as a risk to be managed, not merely a problem to be fixed by IT.
Certain industries — retail and health care, primarily — and insureds with significant losses found that markets remained challenging. Average rates at renewal typically increased throughout 2015, with increases in the latter half of the year generally lower than in the first half.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
