A person holds a phone with a lock graphic on the screen Fewer targeted organizations are giving in to their attackers, with only 28% paying ransoms as of the first quarter of 2024, compared to 70% who paid in 2020. (Credit: terovesalainen/Adobe Stock;)

Global cyber insurance pricing is down 15% from its peak in 2022, despite the persistent threat of ransomware, says Howden's 2024 Cyber Insurance Report.

Though cyber insurance has been one of the fastest-growing lines of coverage over the last decade, 2023 showed the slowest growth rate (5%) since the market's inception. The report notes that, "Absent any shocks, pricing from here is unlikely to drive market expansion to the extent it did during the 2020-2022 correction, requiring ambitious plans for exposure growth."

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

E&S/Specialty Lines
Information Security
E&S/Specialty
Cybersecurity