The uptake rate for cyber insurance remains flat at 33%, while capacity is the largest and premium prices have been the same for the past six months, according to a half-year report from the Wednesday of Insurance Agents and Brokers. 19659002] Some 32% of respondent customers were the first time purchasers of Internet insurance, unchanged six months ago, found the survey by the Washington-based organization.
But for those who renewed their coverage, 34% increased their coverage, compared to 45% in the previous May 2018 survey, the report says.
"While the respondents agreed that customers see cyber insurance as important to have, it was not necessarily exceeded to customers who increased their budgets for higher limits or increased coverage," said CIAB President and CEO Ken A. Crerar in the report.
The average cyber policy limit was $ 2.8 million, down slightly from $ 3.2 million six months ago, while 87% of respondents reported premium prices
A total of 79% of respondents said the market capacity is either abundant or increasing, with the exception of specialized industries such as healthcare or drones.
Some 67% of those with cyber insurance have stand-alone policies, compared to 72% six months ago.
About 30% of respondents reported that there was sufficient clarity from insurance companies on what was included and excluded in a cyber policy, almost twice as much as 1
"This may indicate that carriers have slowly started to standardize the policy language across the board," the report says.
The survey was conducted in December 2018.