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11th March 2018
Verisk estimates written premium for the commercial cyber liability market will reach $6.2bn by 2020
A Verisk analysis estimates that written premium for the commercial cyber liability market will reach $6.2bn by 2020, with annual take-up rates growing 20 to 30% during the next several years.
“Almost daily, revelations of cyber breaches in healthcare and education underscore the importance of cyber coverage for these markets,” said Maroun Mourad, president of commercial lines at Verisk’s ISO business. “Cyber liability risk is rapidly permeating every business that has any dependence on digital technology—which means very few enterprises are exempt. We see rapid growth being powered by gains in small and midsize accounts as the market matures.”
“The types and targets of cyberattacks are changing frequently, causing certain industries to be more likely to buy cyber insurance,” said Prashant Pai, vp of cyber offerings at Verisk. “Finding and sizing those opportunities will be critical for insurers as they look to capitalize on their efforts in this rapidly growing market.”
Verisk’s analysis of the commercial cyber liability market was conducted using ISO MarketStance–Commercial Insight. The analysis applies exposure, growth, and insurance-specific measures to individual businesses, consuming data from dozens of sources to build market information from the bottom up. It estimates the market size of stand-alone cyber policies and cyber as part of commercial package policies.
“One challenge in sizing the cyber market is defining what’s being measured,” said Dr. Frederick (Fritz) Yohn, managing director at Verisk’s ISO business and head of ISO MarketStance solutions. “What businesses are included, what’s the baseline, what other factors are influencing estimates? Our bottom-up methodology has been proven in sizing other emerging markets. We now provide a vital tool to help insurers identify the most promising opportunities in cyber liability.”
The analysis and a high-level view of the commercial cyber liability market opportunity for insurers are detailed in a new white paper, "Sizing the Standalone Commercial Cyber Insurance Market".
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