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The price of reinsurance has risen significantly in 2022 and continues in 2023. A year that has seen an increased reinsurance costs, an acceleration in the increase in costs, and a reduction in capital in the market. With some re-insures deciding not to cover riskier lines of business.
Cyber insurance is not discussed here, but one wonders what the impact of cyber coverage will be Gerry Kennedy. Cyber Insurance while small compared to other lines is a growing business, risky and has undergone changes in 2022 with increased premiums, reduced coverage and exclusions. Increases in the price of traditional lines and reduced capital in market will have an impact on other lines. Cyber insurance is still trying to work out its place, at a time when attack frequency, severity and complexity are increasing, regulators are implementing and enforcing cyber and many organisation (95% are SMBs) cannot afford to implement cybersecurity.
Ted Dziekanowski Gerry Kennedy Alexander Rae
#cybersecurity #cyberriskmanagement #reinsurance #insurance #cyberinsurance #cyberregulation
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