Cyber Insurance Rates Are Dropping: What It Means for You
Download MP3 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.
