By avoiding a few simple mistakes, insurance agents can ensure their clients are protected against this evolving risk. (Photo: Yurii Kibalnik/Adobe Stock) By avoiding a few simple mistakes, insurance agents can ensure their clients are protected against this evolving risk. (Photo: Yurii Kibalnik/Adobe Stock)

Cyber claims were up 16% overall in 2021 while cyber insurance rates increased 25% during each quarter of the year, according to a recent market segment report from AM Best.

Ransomware events have carriers particularly spooked thanks to a 100% increase in claims annually over the last three years, Fitch Ratings said in a recent U.S. Cyber Insurance Market Update.

 

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