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#weis2024 is on an accelerated timeline this year.
The Submission deadline is 30 November 2023.
Incredible graph tracking the price of cyber insurance
from the Economic Report of the President.
It could just as easily track the cybersecurity level required of policyholders.
Are hard insurance markets better for society? 🤔
Imo the market needs to mature.
Some cyber insurers used harder market of 2021 to start tightening security conditions on policyholders.
This is a *good thing*, why would govt policy seek to unwind this.
Not to mention that investors are willing to take these risks, and the govt should see how far that can go before jumping in.
E.g. Tom Johansmeyer writes about appetite for ILS investors for cyber products
https://hbr.org/2022/03/the-cyber-insurance-market-needs-more-money
As cyber risk is growing, the cyber insurance market has stalled. Insurers are taking bigger losses, seeing tighter margins, and relying more heavily on reinsurance to cover their own risk. The result is that companies are getting less protection for more money. Insurance linked securities (ILS) could help give insurers the breathing room they need to keep growing — and meet customers’ growing needs — by helping insurers hedge against rare, catastrophic events.
The Lloyd's of London comment is pretty funny.
The govt should keep out of it apart from for events that the private sector has "little to no appetite" to underwrite. The govt are welcome to explore covering those risks.
NAIC report on the #cyberinsurance market in 2021 is worth reading.
tl;dr the market is growing fast (61% year on year) but it remains a bloodbath for some insurers, even if loss ratios moderated by 0.5%