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Cyberinsurance Premiums are Going Down: Here’s Why and What to Expect

July 9, 2024
SecurityWeek
Summary
Cyberinsurance premiums have fallen approximately 15% since their peak in 2022, primarily due to insurers correcting their previous miscalculations rather than a significant improvement in business security practices. Initially, premiums rose rapidly as insurers grappled with understanding the cybercrime market, leading to more exclusions and denials. Currently, the insurance market's cyclical nature, with more capacity and self-insurance retentions, is driving down premiums. However, experts warn this is a temporary correction, and premiums are likely to increase again as market conditions change.
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