Over the past few years, cyber insurance was cheap—low rates, high limits, more than enough coverage to go around, and flexible contracts with little to no underwriting.
But today’s cyber insurance marketplace is quite different.
With rising cyber risk and loss ratios, cyber insurers have raised premiums. Drastic price increases left businesses seeing their cyber insurance taking larger chunks out of their bottom line. With some business owners even deciding cyber insurance is no longer worthwhile sometimes with costly consequences.
In addition to the rising premiums, insurers have reduced limits and started to underwrite exposures. Insureds were able to shop for the limits and pricing they wanted without having improve their data processing and cyber security. The environment has changed:
· Rising frequency and severity of ransomware attacks has increased claims cost
· Poor cybersecurity hygiene left businesses unnecessarily exposed to bad cyber actors
· Ever increasing cyber reinsurance rates are being passed along to cyber insureds through large rate increases
Although L Squared cannot change the environment. L Squared can offer cost effective policies that meet the insureds needs. To get a competitive quote that meets your needs
Click Here to Get a Cyber Quote
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Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080