Businesses in Arizona faced steep premium hikes, with an increase of 39% from 2019 to 2020, according to AdvisorSmith, which noted policies written in North Carolina saw premiums drop 12% during the period. (Credit: Den Rise/Shutterstock.com)
While massive cyberattacks grab headlines and signal risks in the sector, overall cyber insurance premiums actually declined slightly — around 1% year-on-year — this past year, according to AdvisorSmith.
The drop was primarily driven by "the most expensive insurers reducing rates or dropping out of the market," resulting in lower average premiums, according to the research company, which noted the size of a business can radically impact premiums for cyber coverage.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
