Printed from BusinessInsurance.com

Cyber insurance market yet to encounter catastrophic loss: AM Best

Posted On: Mar. 24, 2023 9:51 AM CST

Cyber

Ratings agency A.M. Best Co. said that while the cyber insurance-linked securities market is evolving, the market has not yet faced a catastrophic loss that could cause the market to revisit the use of capital, Artemis reported. The agency added that the cyber insurance market, which had around $5 billion in premium in 2021, would be strained if a $1 billion loss event occurs and insurers would find it  difficult to cover such large losses.