Market News

The rise in cyber incidents has led to cyber insurance becoming the fastest-growing product segment in the US property-casualty insurance market, according to Fitch Ratings. The rating agency estimated that stand-alone and packaged statutory cyber-insurance direct written premiums increased by 74 percent in 2021 to nearly $5 billion. Read More

The rapid increase in vehicle automation along with a growing reliance on internet-connected technologies in critical operations are increasing cyber risks associated with vehicles, according to a recent briefing from Guy Carpenter. The new technology creates emerging cyber risks for those using the roads, Guy Carpenter said. Read More

Fitch Ratings has lowered its outlooks for global reinsurance and the London market sector to neutral from improving, reflecting growing risks from rising claims inflation, financial market volatility, and weakening price momentum. Fitch said that the Russia-Ukraine war has exacerbated some negative economic trends affecting the reinsurance and London markets. Read More

Deterioration in the cyber-insurance market has made captive insurance an option organizations should include in their approaches to financing cyber risks, according to Aon. Using captives to finance those exposures allows organizations to replace overly expensive insurer capital with organizational capital while focusing the risk transfer budget on volatility. Read More

Cyber attacks and data loss are seen as the top risks facing organizations' directors and officers, with cyber extortion and the increase in ransomware attacks a top concern, a recent survey found. Cyber extortion was identified as a very significant or extremely significant risk by 59 percent of those surveyed. Read More