Cyber insurance costs expected to rise as loss ratios worsen
Recent ransomware and tech failure events could feed through into higher premiums this year
Insurers are predicting a turning point for cyber insurance premiums in 2025, with policies expected to cost more as providers review market conditions.
The year 2022 turned out to be a “relatively quiet” when it came to cyber attacks, said Jess Fung, North American cyber analytics lead at Guy Carpenter, a global risk and reinsurance specialist based in New York. That pushed rates down in 2023, and premiums continued to decline in 2024, falling about 6% globally and with decreases observed in
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