Cyber insurance penetration continues to grow
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More U.S.-based Marsh L.L.C. clients are buying stand-alone cyber insurance and increasing the limits purchased, says the brokerage in a report issued Thursday.
The takeup rate is slowing somewhat, however. According to “Benchmarking Trends: Operational Risks Drive Cyber Insurance Purchases,” purchases among Marsh clients increased 27% in 2015 from 2014, compared with a 32% increase in 2014 over 2013, according to the report.
There was also a 32% increase for the first half of 2015 vs. the comparable period in 2014.
“In the face of an evolving risk landscape and an aggressive regulatory environment, organizations no longer treat cyber as a problem to be fixed, but rather as a risk to be managed,” says the report.
Average limits increased to $16.9 million for companies of all sizes, up from $14.7 million in 2014, according to the report.
Meanwhile, overall capacity remains abundant, at more than $500 million, with most large towers comprising between $200 million and $400 million in limits, according to the report.
