If the cyber market continues growing at its current clip, the sector will double in size every three years, according to Gallagher Re. Credit: Den Rise/Shutterstock.com
While cyber insurance accounted for just 1% of all property and casualty premiums in 2022, a year that saw direct written premiums (DWP) in the line reach $13 billion, the Insurance Information Institute (Triple-I) anticipates the sector to continue being one of the fastest-growing insurance segments in the years ahead. By 2027, cyber DWP is expected to surpass $33 billion.
Triple-I reported the growth is being spurred on by the ubiquitous nature of cyberattacks and the strides carriers have made in clarifying policy language. By clarifying coverage and exclusions, risk managers are better able to understand the value of cyber insurance and carriers can better manage costs and rates.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
