With the ever growing rate of cyber-attacks, cyber insurance companies
are beginning to review the price of their premiums. In some worse case
scenarios, clients are beginning to sue some of these cyber insurance brokers
for failing to pay for damages.
As a follower of the cyber insurance industry, one would easily agree
that this was not how it used to be. As more and more cases of cyber-attacks
are reported, these cyber insurance companies are gradually becoming unable to
bear the risk. Some have gone as far as reviewing their contract and placing a
limit to the amount paid as damages.
A more recent trend is the increase in the price of premiums. This has
left businesses to go source for funds to get cyber insured. A better approach
to bringing balance between premium prices and pay outs can be exampled from
what is done by cyber insurance giants, Greater National Group Company. Upon
renewal of the insurance, businesses are told to pay the new premium price
which gradually reduces as renewals are made. For new businesses hoping to opt
in, several packages with different premium prices and features have been
created to meet the financial strength of these businesses.
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