There’s no doubt that the demand for cyber insurance is booming, which is good news for the industry. Managing cyber risk is now the norm for all sizes of business. And because of the demands from insurers, clients are putting risk management higher up on their agenda and taking a more active role in managing their own cyber risk.
However, it’s tough out there for insurers and brokers. A hard market and shrinking capacity have resulted in skyrocketing premiums and a reduction in coverage. As underwriting requirements become more stringent, it can be a struggle for brokers to deliver for their clients.
All the while, claims are increasing. Ransomware, malware and business email compromise are on the rise. Add to this greater digitisation, changes due to COVID-19 and an increase in tech-heavy businesses who rely on intangible assets, and the threat of a systemic cyber event is all too real.
In this rapidly changing market, the industry is seeking stability and sustainability to remain profitable and address loss ratios. As rates are hardening, key players have to stop and rethink their strategy—what is working, and what is not?
Are innovation and product development the key? Or are industry collaboration, regulatory oversight, and government intervention the magic bullet? What technologies and partners can underwriters utilise to evaluate and monitor cyber risks? And how will brokers cope with growing demand, and continue to work effectively with carriers?
Find out by attending Intelligent Insurer’s upcoming virtual event, Cyber Insurance Innovation 2022 (March 24–25). That is where brokers, underwriters, reinsurers, and cyber claims experts will unite online for hours of in-depth content and address the challenges—and solutions—that are transforming the cyber insurance landscape.