Cyber insurance is critical to every business as the risk from hackers continues to grow and the tactics deployed evolve. Growing alongside the cyber risk landscape are premiums, which increased around 20% for midsize and large companies, according to AdvisorSmith. For small businesses, the rate growth was 7%. The industry is responding to the increasing exposure businesses face as the number of insurance companies in this market grew 35% from 2016-2019, according to AdvisorSmith. However, the U.S. market continues to see a high level of concentration, with just 10 insurance companies accounting for 70% of cyber policies written. With experts predicting further hardening of the cyber insurance market, AdvisorSmith reported insurance companies covering high-risk sectors, such as health care and education, are now reducing limits and coverage terms to limit exposure. Additionally, lower limits are being put on ransomware payouts. To determine the leading cyber insurance companies in the above slideshow, AdvisorSmith reviewed factors including financial strength ratings, customer satisfaction and complaint ratings. AM Best and Standard & Poor's rating information are included for companies rated 4.5 or higher. Related: |
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
