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The takeup rate for cyber insurance remains flat at 33%, while capacity is mostly ample and premium prices have stayed the same in the past six months, according to a biannual survey issued Wednesday by the Council of Insurance Agents & Brokers.
Some 32% of respondent clients were first-time buyers of cyber insurance, unchanged from six months ago, the survey by the Washington-based organization found.
But of those who renewed their coverage, about 34% increased their coverage, down from 45% in the previous May 2018 survey, the report said.
“While respondents agreed that clients view cyber insurance as important to have, this did not necessarily translate to clients increasing their budgets for higher limits or increased coverage,” said CIAB President and CEO Ken A. Crerar in the report.
The average cyber policy limit was $2.8 million, down slightly from $3.2 million six months ago, while 87% of respondents reported that premium prices either stayed the same or decreased over the past six months.
A total of 79% of respondents said that market capacity is either plentiful or increasing, except for specialized industries such as health care or drones.
Some 67% of those with cyber insurance have stand-alone policies, compared with 72% six months ago.
Some 30% of respondents reported that there was adequate clarity from insurers as to what was included and excluded in a cyber policy, nearly double the 17% six months ago.
“This may suggest that carriers have been slowly beginning to standardize policy language across the board,” the report said.
The survey was conducted in December 2018.
A survey by U.S.-based IT services firm Spiceworks Inc. found that more than 60% of organizations in Europe and North America have not purchased cyber insurance as firms are unsure of its benefits, CIO Dive reported. The survey found that several firms purchased insurance to safeguard customers' personal data and as part of a greater IT strategy focused on security.