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The cyber insurance market is bifurcated, A.M. Best Co. said in a report issued Friday.
“On the one hand, national accounts and Fortune 500 companies seem to be embracing the need to partner with insurers and brokers as a way to counter cyber risks,” said Oldwick, New Jersey-based Best in its report titled Cyber Insurance Market Sees Steady Growth But Still Awaiting a Real Growth Spurt.
“On the other hand, the take-up rate for small to medium enterprises… remains in the teens, presenting an area where insurers would like to see growth.”
The report said despite challenges in managing aggregations and pricing “we believe the cyber insurance market presents a positive opportunity for insurers.”
However, “As insurers expand their cyber offerings, they will need to be prudent in establishing underwriting standards and limits, and exercise appropriate risk management and mitigation measures to ensure that these exposures remain aligned with the company’s risk tolerances and appetites,” the report says.
The report says total cyber direct premiums written increased almost 32% to $1.78 billion in 2017, while policies in force increased 24%, to $2.58 million.
The risk of a cyber attack has become a critical factor in the risk profile of many countries, while the United States faces escalating political risk, according to the 2018 FM Global Resilience Index.