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Cyber insurance insights are on a bit of a roller roaster of late.1. The S&P views underwriting profitability as solid in 2023 and 2024, and continuing in 2025. Requiring the industry to be proactive in supporting policy holders more if they want to secure long term profitability.2. Allianz highlights year on year increase in ransomware attacks, data exfiltration, the rising average costs of a data breach and the rise of ‘non-attack’ claims.3. Swiss re reports a slow down of the cyber insurance market and a need for a reality check. With the SME market being an opportunity; and a focus on addressing the cyber protection gap.4. Howden is urging insurers to tackle the cyber coverage gap. With SMEs being of particular focus.One suggests the reports demonstrate a shift in industry thinking and that cyber insurers are at a cross roads. Premium growth is slowing and the insurance industry has to focus on the SME market, enabling SMEs take up cybersecurity risk management. Solutions that some covered entities have to adopt if they are regulated in the U.S, EU or APAC.The 2 most significant observations are the coverage gap is growing, a gap that can only be closed if organisations transfer cyber risk ‘Left of Bang’. Secondly the rise in ‘non-attack’ claims, that will continue to increase as lawyers focus on the lack of cybersecurity risk management and the need for boards to demonstrate cyber regulatory compliance. To meet their legal fiduciary responsibilities.There’s one clear solution for cyber insurers, they should support their clients move ‘Left of Bang’. It’s a win-win for the insured and insurer, it addresses market growth, legal and regulatory compliance and revenue generation.@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan Rachel V. Rose, JD, MBAVeritas GRC Standard & Poor’s Financial Services LLC Swiss Re Allianz Howden
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