Cyber Insurance Rates Are Dropping: What It Means for You

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 Description
  • Relief is finally coming to the cyber insurance market.
  • Many carriers and insurers are opening up their books, issuing more policies, and even reducing premiums.
  • $50 million in new excess capacity is available for new insurers entering the cyber market.
  • Some clients are seeing flat to declining rates after the overcorrections in 2021.
  • Business owners may find cyber insurance rates easing and underwriting standards becoming less strict.
  • If you had trouble getting a policy in the past, now is a good time to check again.
  • Some excess and surplus lines policies may now qualify for admitted carriers.
  • Deductibles may be lower, making coverage more affordable.
  • Reassess your options with your broker to explore new coverages available for 2023.
  • Previously restricted business categories may now have better access to cyber insurance due to increased capacity.
 
Cyber Insurance Rates Are Dropping: What It Means for You
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