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Cyber Insurance: Rates Falling

Posted By Administration, Tuesday, April 5, 2016



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

  Healthcare

  Hospitality Manufacturers

  Non-Profit Organizations

  Private Schools

  Professional Services

  Religious Organizations

  Retail

 

Many more...

 

Questions? Contact us.

 

Lisa Tucker, Director of Insurance

(888) 246-4466 x112 | lisatucker@piawest.com

 

Pam Armstrong, Commercial Underwriter

(888) 246-4466 x111 | pamela@piawest.com

 

Source link: Insurance Business America


Tags:  Cyber Breach  Cyber Insurance  Cyber Insurance: Rates Falling  Cyber Security  Insurance Content  Insurance Industry  Insurance News  Weekly Industry News 

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