Is a failure to heed the cyber insurance coverage classes of the previous undermining efforts to shore up its sustainable future? Ian Summerfield, head of cyber at Pen Underwriting, discusses.
Again in 2020, the rate-inadequacy writing was on the wall for cyber insurance coverage. A quickly evolving danger panorama, shifting exposures, rising ransomware claims and different loss occasions flowing from the elevated assault ‘floor space’ of a near-global shift to working from house for hundreds of thousands, meant motion wanted to be taken.
Consequently, price rises of 30% to 50%-plus weren’t unusual and infrequently deemed needed by means of correction to shore up the premium pot to fund potential claims, higher match
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