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Cyber insurance uptake increased in 2014

Cyber insurance uptake increased in 2014

The number of U.S.-based Marsh L.L.C. clients who purchased stand-alone cyber insurance for the first time increased 32% in 2014 vs. 2013, the New York-based brokerage said in a report issued Thursday.

Limits purchased also increased, according to the report, with companies with revenues exceeding $1 billion purchasing 22% higher cyber limits, averaging $34.1 million, compared with $27.8 million in 2013, according to the report, “Benchmarking Trends: As Cyber Concerns Broaden, Insurance Purchases Rise.”

Recent increased loss activity, however, created challenges for some policyholders, particularly retailers, whose renewal rates rose an average of 5% and as much as 10% for some clients, according to the report.

Market capacity varied by industry. Most industries were able to secure cyber coverage with aggregate limits in excess of $200 million, although the most targeted industries, such as retailers and financial institutions, faced a “challenging market,” according to the report.

The report states also that insurers and brokers are expanding the availability of loss prevention and risk mitigation services such as risk assessment tools, breach preparation, counseling and breach response assistance.

“The expanded roster of services and enhanced coverage can provide additional value from policies, usually without a specific added premium, says the report.

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