Cyber Insurance Purchases on the Rise

Cyber Insurance Purchases on the Rise

Zurich says the percentage of companies purchasing cyber insurance is on the rise. That’s a good thing because — as we know — the need for cyber insurance is rising significantly and increasing daily.

In a report from Zurich and Advisen titled, the 12th annual Information Security and Cyber Risk Management, Zurich said the number of companies that now have cyber insurance totals 86%. Of those, 69% are standalone policies.

  • *83% of respondents said cyber risk has become a more significant concern
  • *69% say they’ve purchased cyber security measures to offset the risk
  • *54% say they’ve had to file a claim to their cyber insurer
  • *70% say they have recouped their losses
  • *Some say the claims are still in process
  • *Just 21% look at their exposure monthly or quarterly
  • *17% do it weekly
  • *18% do it annually

Source link: Business Insurance —

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


More Industry News