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Improvements in risk modeling are necessary if future cyber insurance growth is to reflect increased market capacity that is driven by the industry’s appetite rather than by higher rates that stem from a supply-demand mismatch, says a rating agency report issued Tuesday.
S&P Global Ratings predicts in its report that the $9 billion in 2021 cyber insurance premiums reported by Munich Re is likely to increase by an average 25% per year to about $22.5 billion by 2025, and says it is the fastest-growing subsection of the insurance market.
However, “A growing number of (re)insurers are hesitating to underwrite large risks, and some have decreased their risk appetite, due to the increased frequency and severity of cyber attacks and greater systemic vulnerabilities,” the report says.
“We expect that the road to improved underwriting of cyber insurance will be diagnosed by clear and precise wording that mitigates evolving risks,” it says.
“The big challenge for (re)insurers in developing this wording lies in the need for continual reassessment of shifting risk exposures, which necessitates dynamic contract conditions and coverage concepts - both of which are likely to be enduring characteristics of the cyber industry,” according to the report.