2024 Cyber Insurance Market Outlook

Increasing cyber insurance claim frequency and severity have generated a volatile risk environment in recent years, with most policyholders facing continued premium hikes. Fortunately, the segment experienced underwriting profitability in 2022, allowing for conditions to soften during 2023. Yet, many insureds are still experiencing coverage restrictions, scrutiny from underwriters regarding cybersecurity practices and exclusions for certain losses. Industry experts believe conditions may keep softening in 2024; however, this segment sees frequent changes and reacts to developments faster than other lines of coverage, making pricing predictions hard to pin down. As such, insureds with a strong cybersecurity posture are best equipped to navigate this evolving landscape.

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