The Knowledge Hub

On Tuesday morning, the 8th of June, dozens of countries across the Americas, Europe, Asia, etc. experienced an internet outage that rendered major websites like Amazon, Reddit, The Guardian, and even the UK’s government website, gov.uk, inaccessible. Many were surprised to see an error message on their screens after they attempted to view these popular […]

The insurance industry has reached a crossroad. On one hand, with over 30% compound annual growth for cyber premiums over the last five years, cyber insurance has become the fastest growing insurance market, while on the other hand, the vast majority of insurance professionals don’t know how to deal with such a complex insurance product, […]

Check out this interview with Raul Perez, a graduate of the Cyber Insurance Academy and an insurance pro. In here, he speaks about our methodology and why it’s unique as well as our amazing network of staff and alumni. 

Cyber Insurance is a relatively young product. It was born in the late 90’s but matured only few years ago. In the last few years this product has managed to become the fastest growing product in the insurance industry to date (37% growth YOY).

Today, most insurance companies are offering specialized cyber insurance products, and many of them are beginning to include cyber insurance coverages across other line of insurance, such as marine and general liability insurance.

Stand-alone cyber insurance policies have become common among businesses. These policies cover a variety of liabilities related to cyber risks, from data theft, data privacy, ransomware, service disruptions, and much more.

Underwriting is the foundation of the insurance industry. Insurance underwriters evaluate and analyze the risks involved in insuring people and assets. After determining the risk involved, the underwriter sets a price and establishes the insurance premium that will be charged in exchange for taking the risk.

The cyber insurance market is going through uncertain times that require serious retrospection, which may result in price rises and hardening of insurance conditions. In this article, we will examine the shifts that took place in this market and how insurance companies and their clients are coping with this change.