Cyber Insurance Demand, Supply, Awareness Continue to Grow: Marsh

The message about the need to take cyber risk and insurance seriously is getting through to companies and boardrooms. “As risk awareness has grown, more organizations, particularly those focused on their business interruption risk, are turning to the cyber insurance market for protection,” according to Tom Reagan, U.S. Cyber Practice Leader for global insurance broker Marsh. Marsh issued a new report on the cyber market, More Cyber Insurance Buyers as Awareness Grows. Cyber insurance pricing remains competitive; average pricing for cyber insurance coverage fell by 0.6% in the fourth quarter of 2018. Insurers also continue to provide more coverage in exchange for premium, although this trend may not continue indefinitely, according to Marsh. The estimated cyber insurance market increased to $1.8 billion in 2018, three times what it was in 2015, the report says.