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CYBER INSURERS' LOSS RATIOS TO RISE FURTHER IN 2021: MOODY’S
Cyber insurers’ loss ratios are likely to rise further in 2021 on the back of a further increase in the severity of ransomware attacks, Moody’s warned. Insurers writing standalone cyber coverage reported a significant increase in loss ratios, including defence costs, in 2020 to 73% from 47%. Assuming an average expense ratio of 30% in 2020, this suggests that for many carriers the product was not profitable, the rating agency said. This year is likely to see an even larger loss ratio, suggesting carriers are remaining under pressure despite rapidly increasing rates, Moody’s said.
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