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Surprises continue in the 2023 cyber insurance market

The cyber insurance market is stabilizing thanks to improved insured behaviors, higher pricing, judicious limits and more.

By Steve Robinson | February 28, 2023 at 12:00 AM
A recent corporate risk survey from Allianz showed that large and small-to-midsized enterprises (SMEs) still identified cyber as their No. One threat. (Wei/Adobe Stock) A recent corporate risk survey from Allianz showed that large and small-to-midsized enterprises (SMEs) still identified cyber as their No. One threat. (Wei/Adobe Stock)

If the cyber insurance market in 2022 were to be remembered as a song lyric, the line “What a long, strange trip it’s been” from the Grateful Dead song Truckin’ might be appropriate. As the year opened, the ransomware epidemic continued to churn, rates continued to rise, and capacity continued to shrink. The news of the day was usually bad, and questions about market sustainability loomed.

Then, things began to change.

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