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Businesses in Arizona faced steep premium hikes, with an increase of 39% from 2019 to 2020, according to AdvisorSmith, which noted policies written in North Carolina saw premiums drop 12% during the period. (Credit: Den Rise/Shutterstock.com) Businesses in Arizona faced steep premium hikes, with an increase of 39% from 2019 to 2020, according to AdvisorSmith, which noted policies written in North Carolina saw premiums drop 12% during the period. (Credit: Den Rise/Shutterstock.com)

While massive cyberattacks grab headlines and signal risks in the sector, overall cyber insurance premiums actually declined slightly — around 1% year-on-year — this past year, according to AdvisorSmith.

The drop was primarily driven by “the most expensive insurers reducing rates or dropping out of the market,” resulting in lower average premiums, according to the research company, which noted the size of a business can radically impact premiums for cyber coverage.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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