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Thursday, February 9, 2023

U.S. Cyber Insurance Market Grew 32% in 2017, But Most Small-Medium Firms Opted Out

The U.S. market for cyber insurance grew significantly in 2017, as direct premiums written rose nearly 32 percent year over year to $1.8 billion, and policies in force jumped 24 percent to 2.6 million, according to an A.M. Best special report.

However, despite the growth, the cyber insurance take-up rate remains low, particularly among small to medium-sized enterprises.

The new Best’s Special Report, “Cyber Insurance Market Sees Steady Growth but Still Awaiting a Real Growth Spurt,” states that the cyber insurance market represents a meaningful growth opportunity for insurers, given that the take-up rate for small to medium-sized companies remains in the low teens. These companies generally remain complacent about their exposure to cyber-related events, such as data breaches and system failures, and underestimate the potential for business interruption, A.M. Best says.

Read more at Insurance Journal

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The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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