Market changes in the past year

The cyber insurance market has undergone significant changes in the past year, from 2023 to 2024:

📌 Market Normalization: After two years of price increases, the cyber insurance market is normalizing. Insurance carrier loss ratios are healthier now than they have been in the past few years.

📌 Price Increases Tailed Off: Price increases for cyber insurance tailed off in the fourth quarter of 2022.

📌 Increased Self-insured Retentions: Self-insured retentions, which refer to the amount of risk that insured parties retain before insurance coverage kicks in, have continued to increase.

📌 Subsiding Primary Limit Decreases: Primary limit decreases, which had been a trend, subsided throughout 2022.

📌 Continued Focus on Security Controls: Underwriters continue to focus on security controls, which are measures taken to safeguard digital assets.

📌 Market Growth: The global cyber insurance market was valued at USD 13.33 billion in 2022 and is projected to grow from USD 16.66 billion in 2023 to USD 84.62 billion by 2030.

📌 Stabilization: The market for cyber insurance has begun to stabilize after a surge in ransomware attacks in recent years.

📌 Decreased Pricing: Cyber insurance pricing continued to decrease in the US, declining 6% in the third quarter of 2023.

These changes reflect a market that is adapting to the evolving landscape of cyber threats and the increasing importance of digital assets and operations for businesses.