The Council is pleased to release the results of its third bi-annual Cyber Insurance Market Watch Survey. Eighty-eight (88) respondents from 66 unique firms participated in the survey and provided insights on all aspects of the cyber insurance market from take-up, to premiums and sophistication of their clients’ cybersecurity programs.
Survey results reveal that roughly 29 percent of respondents’ clients purchased some form of cyber liability and/or data breach coverage in the last six months. Of those clients that purchased cyber coverage, 40 percent chose to increase their coverage levels. Respondents also felt there was adequate capacity for most of their clients’ needs, citing difficulties for the largest clients; those in the most highly-targeted industries such as healthcare; and for clients who have already had a cyber claim.
“As our broker members are investing more in resources to educate themselves and their producers about cyber risk, they are passing this knowledge on to their clients who are making better, more informed decisions about their cyber exposure and cyber insurance needs,” said Ken A. Crerar, President/CEO of The Council. “This is exactly the role of the broker and we see a lot of growth potential in this market for our members.”