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Cyber Insurance Continues to Grow

According to Marsh LLC’s “Benchmarking Trends: Operational Risks Drive Cyber Insurance Purchases” report, more clients are buying stand-alone cyber insurance...
April 4, 2016

According to Marsh LLC’s “Benchmarking Trends: Operational Risks Drive Cyber Insurance Purchases” report, more clients are buying stand-alone cyber insurance and increasing the limits purchased. The number of clients purchasing cyber coverage rose 27 percent last year, compared to a 32 percent increase in 2014. The report also found a 32 percent increase for the first half of 2015 vs. the comparable period in 2014.

Despite these figures, National Association of Insurance Commissioners (NAIC) Past President and North Dakota Insurance Commissioner Adam Hamm cautioned that the cyber insurance market “is in its infancy. What this market really needs is time, patience and support.” Hamm was speaking before the U.S. House Homeland Security Subcommittee on Cybersecurity, where panelists indicated that cyber insurance can play a role in encouraging companies to improve their cyber security, but it could take decades for the cyber insurance market to mature.


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