Fear of attacks is driving cyber insurance growth
Friday, 01 06 2017, Category: Technology, Country: World
The fear factor of an impending and costly cyber attack is driving rapid growth in this market, according to a survey by specialist lines underwriting agency CFC Underwriting conducted at the 2016 Cyber Symposium in London.
Cyber insurance is the fastest growing line of insurance in the world – the total written premium globally today is estimated at $2.5 billion and Allianz estimates it will reach $20 billion by 2025.
When asked about the growth of the UK cyber market, survey respondents agreed, with over 40 percent noting that their cyber book had grown by over 50 percent in the last 12 months. CFC revealed that cyber claims amongst their customers had also increased by 78 percent from 2015 to 2016.
Source: Intelligent Insurer