Fitch Ratings’ Post

Demand for cyber coverage again generated strong profits for U.S. property/casualty (P/C) insurers last year. However, weaker pricing led to the first decline in direct cyber written premiums since cyber-specific premium data were included in statutory financial statements. Learn more in our new U.S. Cyber Insurance Market Update: https://ow.ly/m0hA50RNXuV #FitchRatings #Insurance #CyberInsurance

U.S. cyber insurance line has seen strong direct underwriting profits for two years in a row, according to recent data. However, written premium volume has stalled amid renewed pricing pressure. This begs the question: with pricing pressure, careful selection in the underwriting process and tightening of policy language, will we continue to see investment to expand growth for Cyber Insurers? #cyberinsurance #underwriting #investments

Cyber insurance losses related to the CrowdStrike outage will be driven by business interruption, Moody’s has highlighted in a recent report, who also warned that determining final losses for the industry will be a lengthy process due to cyber insurance policy language not being standardized: #crowdstrike #revenue #losses #cyberinsurance #technology

Why buy standalone #CyberInsurance - The reasons might surprise you. See useful insight from Travelers Europe which includes expert commentary from their Managing Director for #Cyber across Europe, Chris McMurray. https://ow.ly/pa8P50Rb7RQ #Insurance #CyberRIsk #NoPayWall

The Bermuda Monetary Authority recent #cyber report suggests #Bermuda #international #insurance #reinsurance #ILS market plays an important role in the global cyber insurance market, which was valued at $13.5 billion in 2023 and is projected to grow to $120.47 billion by 2032, exhibiting a 24.5% compounded annual growth rate, according to Fortune Business Insights. Association of Bermuda Insurers and Reinsurers (ABIR)

Bermuda-based re/insurers saw a 64% rise in cyber insurance premiums in 2022, reaching $7.75 billion, up from $4.73 billion in 2021, according to the Bermuda Monetary Authority. Cyber insurance policies also jumped from 200,000 to 500,000 during the same period. Read more insights here: https://ow.ly/6VhM50TmMy6 #BermudaInsurance #BermudaMonetaryAuthority

📉 U.S. statutory direct written premiums for standalone and package cyber insurance policies declined 2% in 2023. This is a sharp contrast to over 200% growth seen from YE22 to YE20. The reversal occurred even with continued growth in demand for coverage and carriers keen on expanding their cyber underwriting portfolios despite weaker pricing trends. Standalone cyber direct loss ratio was relatively flat at 44%. Read more about Fitch’s preliminary review of the YE23 cyber insurance market in this free to view release. Further commentary on segment results and company market share will be presented in Fitch’s detailed update report on the U.S. Cyber Insurance Market that will be released in May. https://lnkd.in/gVKZ6ZSA

The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operations, according to a new report from Moody's Ratings.

In today's Story of the Day, news editor James Cowen analyses how prepared the cyber insurance market is for BI claims following the global IT outage in July. JMG Insurance Agency, LLC, CFC, Resilience #Insurance #InsuranceNews #B2B #InsuranceIndustry #Cyber #BI #Claims

Bermuda’s Cyber Insurance Market Growth Amid Rising Cyber Risks – Bermuda Monetary Authority Report Read it: https://lnkd.in/gTb4jtJA #cyberinsurance #cyberliabilityinsurance