As discussed in a previous post, cyber insurance demand and premiums have significantly increased in recent years. Fitch Ratings forecasts that cyber-related premiums could balloon to $22.5 billion by 2025. Those increases presumably reflect considerable claims activity, including in connection with liabilities arising from war and state-backed cyberattacks. To manage these exposures, insurers in the cyber market are increasingly relying on changes to their policies that attempt to carve out some or all of this liability from coverage. A recent example of this trend, which may significantly alter the cyber insurance landscape, is playing out right now in the London Market.