Cyber insurance maintained its double-digit premium-volume growth in 2012, with capacity high, pricing competitive and buyers increasingly willing to pull the trigger on both third- and first-party coverage. Thanks to a proliferation of data breaches, an ever-increasing number of regulations around the protection of private information, and the growing availability and awareness of Cyber insurance, business is booming in this marketplace.
"It is big, and it's growing," says Rick Betterley, president of Betterley Risk Consultants.
How big? Standalone Cyber insurance is now a $1 billion market, according to Betterley's 2012 Cyber/Privacy Insurance Market Survey, up 25 percent from $800 million in 2011. That still makes Cyber a small fraction of the total U.S. P&C marketplace; however, it does put the coverage in line with the $1.4 billion Employment Practices Liability insurance (EPLI) market—even though Cyber has been around only half as long.
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