Businesses will be “best suited to develop a comprehensive risk management strategy to counter them” – Marsh
Cyber insurance stood out in the third quarter as the only line of commercial insurance with consistent, large rate increases, averaging more than 15% in the US.
This is according to Marsh’s latest Global Insurance Market Quarterly Briefing, which found commercial insurance rates have decreased globally in all regions and across most lines of business in the third quarter of 2015.
The average cyber insurance limit purchased grew in the third quarter, piercing the US$20-million level for the first time, according to data gathered by Marsh.
Limits purchased were up more than 10%, on average, in the third quarter compared to the same period last year.
Paul Denny, Marsh’s Northeast US FINPRO leader and US E&O leader, commented: “Cyber is a unique exposure - it continues to evolve and it is clearly here to stay. Organisations that understand the nature of potential threats and their exposure to cyber attacks will be best suited to develop a comprehensive risk management strategy to counter them.”