CYBER RATE RISES OUTPACE OTHER LINES IN Q2

Global cyber rate increases outpaced the moderate rises seen in other sectors in the second quarter of this year. According to Marsh, pricing for cyber insurance “went against the moderation trend”, having increased 56% in the US, 35% in the UK and between 20% and 30% in Latin America. Insurers have been forced to apply steep rate rises to keep up with the rising frequency and severity of losses in the sector. These rate rises in the second quarter compare with composite increases of 12% in the US, 28% in the UK and 4% in LatAm and the Caribbean. Overall, rate increases slowed in the second quarter, rising 15% globally, compared with an 18% rise in the first quarter, Marsh said.