Cyber insurance started small but is growing strongly and quickly, according to a new report from Moody’s Investors Service. Intelligent Insurer investigates.
Over the last four years, the cyber insurance industry has grown substantially, putting property and casualty (P&C) insurers in the unique position of providing cyber coverage to other companies while also risking such attacks themselves, Moody’s Investors Service says in a report.
The report, Battling hidden cyber exposures, insurers position for growing opportunity, claims that in order to succeed in this small but profitable market, P&C insurers must prioritise the accurate assessment and management of cyber exposure while also addressing challenges that come with underwriting and modelling cyber insurance.
“The proliferation of new rules around the globe boosts demand for cyber insurance, but also raises questions and highlights uncertainty around the scope of the insurance coverage,” said Moody’s associate managing director Sarah Hibler when the report was released in July.
Moody's, Report, Cyber Insurance, Property and Casualty, Reinsurance, Sarah Hibler, UK