Cyber competition driving down premium prices
Friday, 05 25 2018, Category: Insurance and Reinsurance, Country: World
A.M. Best has reported that heated competition in the cyber market has been steadily driving down premium prices since mid-2017, although the market continues to grow and capacity remains plentiful.
Generally, A.M. Best found that re/insurers seem willing and able to offer capacity but reluctant to have cyber constitute a significant portion of their portfolio.
According the Council of Insurance Agents & Brokers (CIAB), 62% of re/insurers saw prices decline over the second half of 2017, while 66% reported no tightening of underwriting practices, and 97% said their capacity remained plentiful.