The executive risk advisors at McGriff, Seibels & Williams are seeing cyber-insurance premiums continue to rise. Just 18 months ago, pricing seemed to be hitting record lows, commensurate with constantly expanding coverage. Since more markets were entering the cyberspace, there was no scarcity of capacity, and we suspected this trend would continue However, times have changed dramatically, and cyber-insurers continue to see an increase in both frequency and severity of ransomware attacks against their policyholders. Worsening loss ratios have led to increased premiums across all sectors, and we expect the trend to continue. Most clients can expect primary policy premiums to increase by 10% or more, with underwriters raising pricing for insureds with expanding record counts (volume of PII collected/processed) and revenue growth. Some difficult industry classes may see even higher increases.
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