Brussels: 9th February 2023: The cyber insurance market has undergone fundamental changes since 2019, with many developments driven by the changing nature of the working environment caused by the pandemic, a rise in national cyber threats, not to mention hard market conditions. As a result of these changes, more emphasis has been placed on underwriting disciplines, wordings, and the claims environment.
The Q4 2022 and 1.1 renewals cemented this fundamental shift in market dynamics even further, and the market is now experiencing relaxed capacity constraints and a demand for MGAs with local expertise.
Alta Signa's inhouse cyber team explores these aspects and more in its latest Cyber Bulletin, European Cyber Insurance - A Maturing Market Entering an Attractive Phase? Reflections on 1 January Renewal and Outlook for 2023.
As the bulletin explores, while the aforementioned outcomes are largely positive, several questions need to be raised regarding this evolution, including:
- What caused the decline in cyber rates towards the end of 2022?
- How do insurers view cyber systemic risk? And;
- What can the market expect in 2023?
From looking at how underwriting has adapted over the past few years and how pricing has changed, to predicting what may happen next in the cyber insurance landscape, the Alta Signa bulletin explores all these points, and looks at how the psychology of cyber risk mitigation is changing too.
Read the full bulletin by accessing it in the box on the right hand side of this page.