Cyber insurance rates continue to surge while coverage shrinks

A report by insurance broker Marsh Ltd. said that cyber insurance rates continue to increase in the U.K. while the insurers add more exclusions, limit coverage and impose stricter underwriting requirements, Reinsurance News reported. The report indicates that the rate hikes, which accelerated in the third and fourth quarters of 2021, have continued this year, as cyberattacks become more rampant with the Russia-Ukraine war complicating the situation further.