Marsh reports increase in cyber insurance purchases

The number of U.S.-based Marsh LLC clients that purchased cyber insurance increased to 42% in 2019, from 38% in 2018, the broker said in a report issued Wednesday.

Average cyber pricing increased about 3% in 2019, with a slow increase beginning in the second quarter, according to the report.

Average cyber insurance limits for all companies increased to $21.3 million, up 1.9% from $20.9 million in 2018, the report said.

Among all companies with more than $1 billion in annual revenue, average limits increased 4.6%, to $65.3 million.

Leading buyers of cyber insurance in 2019 continued to be education, health care, hospitality and gaming, and the communications, media and telecommunications industries. Hospitality, manufacturing and the education industries all reported cyber growth rates of at least 30%, according to the report.