Friday, 10 June 2016

New Cyber Insurance Premiums Pricing

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.

No comments:

Post a Comment