The standalone cyber insurance market is making gains against packaged covers, according to a cyber risk panel in London today. Lead cyber actuary at Verisk Analytics Nick Irwin said the industry is "seeing a shift towards standalone becoming the expectation", an observation also expressed by rating agency AM Best. The ratings specialists said the top underwriters of cyber risk had moved focus from packaged policies to standalone covers to reach an almost 70:30 split on $1.3bn of market premium.
The standalone cyber insurance market is making gains against packaged covers, according to a cyber risk panel in London this week. Lead cyber actuary at Verisk Analytics Nick Irwin said the industry is "seeing a shift towards standalone becoming the expectation", an observation also expressed by rating agency AM Best. The ratings specialists said the top underwriters of cyber risk had moved focus from packaged policies to standalone covers to reach an almost 70:30 split on $1.3bn of market premium.