Cyber Insurance Rates Are Falling

Finally, there is some relief in the cyber insurance market. Many carriers and insurers are starting to open up their books let more policies go out the door and have even some reductions in premium amounts. According to the article, 50 million in new excess capacity is available for new insurers entering the cyber market. Some clients are experiencing flat to declining rates where there were overcorrections in 2021. So if you’re a business owner and you need to get cyber insurance or you maybe have a policy, you’ll find that the rates are maybe easing a little bit and some of the underwriting standards are backing off a little bit. Have you had problems in the past getting a policy placed regardless? Maybe it was quoted as an excess and surplus lines carrier and now you might be able to get an admitted carrier. Or maybe the deductibles are too high and you decided to self-insure. Take another look with your broker to see what coverages are now available in 2022 going into 2023 to see if there’s a more, let’s say appetizing offering from your existing carrier or maybe other carriers that your agent or broker can find for you. Maybe your market or your business category was restricted before and now it’s more open because carriers have this extra excess capacity.

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