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Cyber insurance market stabilizes as new firms enter market: S&P

Posted On: May. 16, 2024 10:25 AM CST

Research report from S&P Global Ratings Inc. said that a once volatile cyber insurance market has now stabilized greatly as new firms have entered an increasingly competitive market, helping drive down premium costs and increasing coverage limits, reported. The rating agency added that cyber risk coverage is considered one of the fastest growing areas in the insurance sector. It also said that global premiums are likely to exceed $20 billion by 2025, up from almost $15 billion in 2023.