As we began 2021 we were bracing for what was widely expected to be a turbulent and difficult cyber insurance market. Those predictions came true, and by some measures, the market conditions that unfolded in the first half of 2021 were more challenging than many expected.
Cyber claim frequency and severity continued their upward trend. This led to a swift response from the cyber insurance market as they imposed significant limitations of capacity, narrowed the scope of coverage terms, heightened underwriting scrutiny and significantly increased rates.
Our Global Cyber Market Update discusses these market trends and conditions, and how to prepare for the road ahead. This report includes:
Overview of the current cyber threat landscape
Breakdown of government and regulatory developments by region
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective.