Cyber insurance costs doubled in a year - Howden
Howden’s annual report on cyber has revealed the average cost of cyber insurance has doubled since last year due to an extreme supply-demand imbalance.
The report said higher loss frequency and severity from ransomware had caused the supply-demand imbalance.
The annualised number of global ransomware incidents was up 235% in 2021 compared to 2019 and average US ransom payments rose by 370% over the same timeframe, Howden detailed.
According to the document, A Hard Reset 2.0, cyber has experienced the most extreme rate increases across the entire insurance market with average annualised increases in excess of 120%.
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