Fitch: Cybersecurity insurance market crossed billion-dollar earnings mark in 2016
Insurers earned $1.35 billion from cyber insurance premiums last year, a 35 percent increase over the year before, according to new figures from the ratings agency Fitch. More than two-thirds of that total, about $921 million, was stand-alone cyber insurance; with $429 million being the estimated total premium value of package components or multi-risk insurance policies, which cover a variety of hazards. The total figure for last year “likely underestimates the industry’s cyber premium exposure due to the challenges inherent in breaking out cyber-related premium from other coverages in multi-line products,” states the Fitch report. The breakdown between stand-alone and packaged policies is very different than 2015, when the $998 million total coverage figure was almost equally divided between stand-alone and package premiums. The difference is accounted for by one insurer, AIG, changing the way it reports its business. In 2016, the company began classifying all of its cyber premiums as stand-alone business, as opposed to 2015, when it […]
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