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USA—Cyber insurance market evolving with risks, Beazley expert says

Copyright © 2025 LexisNexis

Published on: 22 September 2021

Published by a Law360 reporter

Table of contents

Has Beazley seen a rise in cyber claims the past two years because of the evolving threats?
Cyber insurers, including AIG and Chubb, have said they are increasing premiums by at least 40%. Does Beazley have any plans to raise cyber insurance premiums?
Has Beazley considered offering ransomware sub-limits or adding data breach sub-limits to current products?
What about exclusions?
Are you taking any measures to constantly monitor and assess policyholders’ risks?
Do you offer any premium reduction or credit if policyholders complete certain cyber security training or deploy certain measures?
Apart from ransomware risks, what are the other significant cyber risks?
How do you think premiums might increase in the next 12 months?
What do you mean by capacity, and why does it shrink?
What is the biggest challenge in cyber insurance underwriting?

Article summary

Law360: Businesses are increasingly turning to cyber insurance to fend off unpredictable cyber attacks, as insurance companies are trying to stay competitive in the growing market while grappling with the risks of paying multimillion-dollar ransom demands.

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