Cyber market stabilization and lingering turbulence

Author: John Farley

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After several years of rising premiums and capacity constriction, the 2023 Cyber insurance market surprised many, as softening conditions rippled through the marketplace in an impactful way.

As we move into 2024, we see a market that has matured to a level where both applicants and providers of Cyber insurance have gained valuable insight into how threats manifest into claims, and generally understand the minimum security controls required to help prevent and mitigate their effects. However, despite the favorable buyer's market, an underlying concern remains in the underwriting community about systemic cyber risk.

This report shares key insights into claims trends, the regulatory landscape, the reinsurance market and more of what we expect to see in 2024.

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Disclaimer

The information contained herein is offered as insurance Industry guidance and provided as an overview of current market risks and available coverages and is intended for discussion purposes only. This publication is not intended to offer legal advice or client-specific risk management advice. Any description of insurance coverages is not meant to interpret specific coverages that your company may already have in place or that may be generally available. General insurance descriptions contained herein do not include complete Insurance policy definitions, terms, and/or conditions, and should not be relied on for coverage interpretation. Actual insurance policies must always be consulted for full coverage details and analysis.

Insurance brokerage and related services to be provided by Arthur J. Gallagher Risk Management Services, Inc. (License No. 0D69293) and/or its affiliate Arthur J. Gallagher & Co. Insurance Brokers of California, Inc. (License No. 0726293).