Marsh released a report last week that shows cyber insurance rate falling. In 2015 after the Target, Home Depot, Anthem and other breaches rates leaped 28%. Since then major breaches have fallen off and in the first three months of 2016, rates have plummeted 13%.
So high risk firms like healthcare companies and retailers have seen rates fall from $21,642 for $1 million in coverage to $18,756. Robert Parisi — a cyber insurance executive for Marsh — said, “Pricing has stabilized. There is only so far things can go before people choke and say ‘I’ve had enough.”
Lockton’s Ben Beeson agrees. His firm has also seen a leveling off of premiums. “We haven’t had too many Targets or Home Depots recently,” he said.
Aon Risk Solution’s Kevin Kalinich said the drop is not likely to last long so now might be a good time to reintroduce the idea of cyber insurance to your clients.
The PIA Western Alliance has affordable cyber insurance. Philadelphia Insurance Companies' Cyber Security Liability program provides both First and Third Party coverage for numerous classes of business. Through eight Insuring Agreements, a wide range of cyber liability exposures are addressed. Coverage is available nationwide on either an admitted or non-admitted basis.
• Includes coverage for legal fees and computer forensic costs in the event of a security or privacy breach
• Regulatory fines and penalties included under Security Event Costs and PCI assessment coverage available by endorsement
• Customer Notification Expenses include legal expenses, credit monitoring, postage and advertising
• Comprehensive interruption expenses coverage, including income loss
• Coverage for Damages to third parties caused by a breach of network security
• Definition of claim includes a demand for monetary and non-monetary damages
First Party Protection
• Loss of Digital Assets Coverage
• Non-Physical Business Interruption and Extra Expense
• Cyber Extortion
• Cyber Terrorism
• Security Event Costs
Third Party Protection
• Network Security and Privacy Liability
• Employee Privacy Liability
• Electronic Media Liability
Cyber Security Liability
• Hospitality Manufacturers
• Non-Profit Organizations
• Private Schools
• Professional Services
• Religious Organizations
Questions? Contact us.
Lisa Tucker, Director of Insurance
(888) 246-4466 x112 | firstname.lastname@example.org
Pam Armstrong, Commercial Underwriter
(888) 246-4466 x111 | email@example.com
Source link: Insurance Business America