While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh.
In a recent briefing, the broker said “steep rate increases of the past several quarters are moderating as attritional losses are better controlled and premium growth exceeds incurred losses.”
Increased competition and new entrants in the cyber market, as underwriters gain confidence in pricing cyber risk, has additionally fueled what Marsh called “cautious optimism” for rate moderation during a time of high demand and an increase in first-time buyers, added Marsh.
