{"id":131911,"date":"2025-09-10T04:24:09","date_gmt":"2025-09-10T04:24:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/131911\/"},"modified":"2025-09-10T04:24:09","modified_gmt":"2025-09-10T04:24:09","slug":"cyber-insurance-market-grows-7-to-15b-in-2024","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/131911\/","title":{"rendered":"Cyber insurance market grows 7% to $15b in 2024"},"content":{"rendered":"<p>Despite softer demand and rising competition, the sector remained profitable.<\/p>\n<p>The global <a href=\"https:\/\/insuranceasia.com\/topics\/cyber-insurance\" rel=\"nofollow noopener\" target=\"_blank\">cyber insurance<\/a> market grew 7% in 2024 to nearly $15b in premiums, but momentum has slowed for the second straight year, according to Moody\u2019s Ratings.\u00a0<\/p>\n<p>Growth was concentrated in non-US regions, whilst US premiums fell 1.5% to $7.1b, following a 0.7% decline in 2023.<\/p>\n<p>Despite softer demand and rising competition, the sector remained profitable in 2024, with combined ratios of 79% for primary cyber and 84% for excess coverage.\u00a0<\/p>\n<p>Ransomware continues to drive most claims, though total ransom payments fell 35% last year to $814 million.<\/p>\n<p>Competition has pushed prices lower, with Marsh data showing US cyber rates down 7% in the first half of 2025, whilst<\/p>\n<p>UK rates fell nearly 19% in the same period. Some insurers are adjusting strategies, shifting from quota share to excess-of-loss reinsurance, and exploring catastrophe bonds and industry loss warranties to spread systemic risks.<\/p>\n<p>Moody\u2019s noted that penetration amongst large corporations is high, but only about 10% of SMEs buy cyber cover.\u00a0<\/p>\n<p>Longer-term growth prospects remain strong as cyber incidents are ranked the top global risk for the fourth consecutive year in Allianz\u2019s 2025 Risk Barometer.<br \/>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Despite softer demand and rising competition, the sector remained profitable. The global cyber insurance market grew 7% in&hellip;\n","protected":false},"author":2,"featured_media":131912,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,171],"class_list":["post-131911","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-au","tag-australia","tag-business","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/131911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=131911"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/131911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/131912"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=131911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=131911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=131911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}