Cyber insurance is projected to grow because it has been largely profitable for insurers and is seen as insurable by reinsurers, even as ransomware attacks accelerate, panelists said Thursday at the Insurance Information Institute’s Joint Industry Forum 2021 in New York.
They also suggested that the federal government play a greater role in the cyber insurance sector, particularly through increased information sharing.
By 2026, insurers will be writing $28 billion in cyber insurance gross written premiums, according to Paul Miskovich, New York-based chief underwriting officer for Evertas Inc., an underwriter of crypto-asset and blockchain-related risks.
Mr. Miskovich added that insurers will continue to write cyber insurance because it has been generally profitable. “It’s been profitable almost every year in the marketplace for most insurers,” he said.
Catherine Mulligan, global head of cyber in New York for Aon PLC’s Reinsurance Solutions business, said reinsurers are committed to the cyber sector and