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Good growth of the cyberassurance, but there is room for improvement, says A.M. Best

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25 May 2018 13:30

Although the market of the cyberassurance has seen a growth of 28 % in 2017, the firm’s rating A.M. Best assesses that there are always numerous opportunities, especially among small and medium-sized enterprises. The firm explains that the adoption of the protection against cyber risks remains low because of the small and medium-sized businesses remain complacent in the face of these risks. Overall, the rate of penetration is at 31 % according to A.M. Best.

They believe that cybercriminals target only large companies or that they are already covered under their insurance policy, then it may not be the case, ” says A.M. Best.

More openness

However, A.M. Best note a greater openness and a growing interest of the SMES to these risks, in light of the recalls almost daily occurrence of cyber-based threats, attacks, and breaches reported by the media. In addition, more and more companies see a profit of costs and realize that the interconnectivity with suppliers leads to certain vulnerabilities.

For the same period, the direct premiums written have increased by almost 32 % to reach us $ 1.78 billion, while policies in force grew by 24 %. The number of claims was reduced from 5 955 in 2016 to 9 017 in 2017.

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