U.S. cyber renewal rates were down for the last three successive quarters at March, Fitch Ratings reports. (Credit: Visual Generation/Adobe Stock)
While the cyber insurance market in the United States performed well for the second straight year in 2023, premium volume waned, according to new research from Fitch Ratings.
"Favorable cyber underwriting results are partly due to prior large increases in premium rates," the agency said in a statement about its cyber market research based on carrier financial statements. "Insurers are also being more careful in cyber risk selection and the underwriting process."
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