Cyber Liability Insurance Market Trends: Survey

20/10/2015 07:41

Advisen and PartnerRe released a white paper which presents the results of a comprehensive market survey on trends that are shaping the cyber insurance marketplace. The survey is intended to give insurance providers and brokers additional insight into the demand and growth potential for data breach and privacy cyber insurance products in the US. The free, 11-page paper is sponsored by PartnerRe.

The Cyber Insurance Landscape

Companies face increasing exposure to data breaches and cyberattacks. The conscious effort of C-executives to minimize cyber risk is evident in higher demand for cyber risk insurance. The market, on the other hand, is not lacking with products aimed at addressing these needs. Interestingly, an industry snapshot shows cyber clients expressing challenges in getting appropriate cyber coverage, while providers are facing obstacles such as lack of understanding of coverage and exposures.

These and other issues are featured in the Cyber Liability Insurance Market Trends survey. In partnership with Advisen, PartnerRe conducted its second market survey in August 2015 of about 460 professionals in the cyber sector to ascertain not only demand for cyber insurance products, but also the challenges of meeting the demand with meaningful products.

The results provide a fascinating insight into the demand dynamics in the cyber insurance market.

Among questions answered by the survey: Is demand for cyber insurance increasing? By how much? What is driving increasing demand? What industries are driving demand? What are the biggest obstacles to selling cyber insurance? What covers are most valued? What does the future hold?

Just about every underwriter and broker responding to the survey this year said there had been at least some increase in the demand for cyber insurance products in 2015, with more than 60% of respondents seeing a “significant increase” in the demand for cyber insurance products.

Download the Cyber Liability Insurance Market Trends: Survey Report

Download the Cyber Liability Insurance Market Trends: Survey Report

Download PDF: White Paper