Cyber insurance rate hikes slow down as competition increases
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According to U.K.-based insurance broker Willis Towers Watson PLC, increasing competition in the cyber insurance segment is helping to moderate cyber insurance rate hikes, especially for companies that have strong cyber security controls, Reinsurance News reported. There are signs of more capacity entering the cyber market, with primary and excess cyber insurance renewals now seeing more smaller premium increases in the flat to 25% range. In comparison, 2021 cyber renewals saw 50% to 200% rate hikes.
