Cyber Insurance Prices Double Over 12 Months

Insurance broker Marsh has reported a spike in prices for cyber insurance policies.  With some insurers refusing to write coverage for certain industries and some insurers fleeing the market entirely, insurance companies writing cyber cover have significantly upped the ante for policyholders.  According to Marsh, premiums for cyber insurance in the United States in Q3 2021 increased by 96% over the same period the year before.  Moreover, to combat what they view as a continually increasing risk, insurers have started adding additional exclusions to cyber policies.  Companies seeking to place this essential coverage would be well advised to read the fine print and to work with a reputable broker in purchasing such coverage.