Call us now:
The cyber insurance industry is profitable. But Direct Loss ratios for cyber insurance saw a significant increase between 2019 (47.1%) and 2020 (72.8%), and is expected to rise according to Fitch ratings, no doubt on the back of ransomware. We are playing catch-up on cybersecurity compliance, which will take time to resolve.
The Direct Loss Ratio gap could be managed in the short term through increased premiums and writing more policies. The challenge with Ransomware though is the breadth and expense of impact.
Things will get worst before they get better. Maybe it’s time for the insurance industry to require policy holders to implement cyber practices and demonstrate cybersecurity compliance for insurance coverage?
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