Coalition: Modelling indicates CrowdStrike US cyber insurance loss below $1bn
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Contributed by: Drex DeFord
Summary
The recent IT outage linked to CrowdStrike has caused significant concern within the US cyber insurance industry, but losses are expected to be contained below $1 billion, with estimates ranging between $270 million and $960 million. Coalition's CEO Joshua Motta detailed that although such cyber events raise concerns about systemic risks, they do not equate to natural catastrophe losses. Modeling insights and adjustments to cyber insurance policies, including coverage limitations and sub-limits, are being accelerated in response to these events. The evolving landscape emphasizes the need for thoughtful management of cyber perils and acknowledges the benefits of technological diversification and rapid organizational responses.
