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Cyber insurance premiums have seen the most significant growth over the past five years, at 23% annually, compared with other types of coverages, Aon P.L.C. said Thursday.
By 2021, cyber will generate worldwide premiums of $4 billion, with a compound growth rate of 14.1%, said the brokerage, which based its data on information collected from a series of global studies by its Aon Inpoint unit.
“As we look ahead, we are seeing a broad shift of companies putting a greater value on intangible assets, such as cyber and intellectual property,” said Michael Moran, Chicago-based CEO of Aon Inpoint.
“There are multiple reasons for the increased focus and increased premiums ranging from financial statement protection due to a business interruption to the constantly evolving global regulatory environment including the European Union’s General Data Protection Regulation,” Mr. Moran said.
Among other findings, financial institutions, mining and minerals, and technology and media sectors are expected to expand rapidly in comparison to other industry segments, Aon said.
The studies also reveal that global commercial property/casualty premiums were worth about $730 billion in 2017 and by 2021 will rise to almost $900 billion, Aon said.
Within this total, U.S. commercial property/casualty insurance premiums were worth $274.5 billion in 2017 and are forecast to rise to $331.5 billion in 2021.
A total of 57% of small and medium enterprises do not have cyber insurance, while 63% have experienced some form of cyber incident, says a survey issued Monday by Argo Group International Holdings Ltd.