Monday, July 24, 2017

Cyber premiums to triple in four years

Global insurance companies consider coverage against hackers as one of the most promising markets, estimating that premiums will triple over the next four years.

Harmut Mai, chief underwriting officer for corporate lines at Allianz, is optimistic that anti-hacker insurance can develop into the company’s and the industry’s next blockbuster.

Munich Re estimates that cyber insurance premiums could rise between US$8.5 billion and US$100 billion by 2020 from about US$3.4 billion at present.

Cyber risk has become a boardroom issue over the past years, according to Paul Bantick, head of cyber insurance at Beazley.

A report published by Verizon showed that cyber attacks involving ransomware increased 50% in 2016, and criminals are increasingly shifting from going after individual consumers to attacking vulnerable organisations and businesses.

 

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