Cyber insurance market set to reach $14 billion
The global market for cyber insurance is set to reach $14 billion by 2022 according to Allied Market Research.
In its report "Cyber Insurance Market - Global Opportunity Analysis and Industry Forecasts,” the firm says that North America dominated the cyber insurance market in 2015 and is expected to continue to do so.
Increased awareness of cyber attacks is a key driver of the demand for cyber coverage while low penetration in emerging markets creates a sizeable opportunity globally.
“This is an opportunity for insurers and reinsurers to innovate cyber insurance products that manage various degrees of risks and cover cost-associated data breaches, credit monitoring, forensic investigations, reputation management, and business interruption," said Yogiata Sharma, Research Analyst, Consumer Goods Research at AMR.
Allied’s data shows that North America accounted for 87 per cent of the cyber insurance market in 2015 with mandatory legislation in some states pushing higher penetration.
Large companies generate significant amounts of the premium revenue, some 70 per cent in 2015 with the healthcare sector leading purchases of cyber insurance policies.
Iowa’s insurance regulator quits
Iowa’s insurance commissioner resigned Monday saying that the time was right to stand down.
Nick Gerhart took up the role in 2013 and has overseen several changes including the implementation of the Affordable Care Act. He also led the team that created the Global Insurance Symposium in Des Moines which attracts hundreds of insurance professionals from all over the world.
“I’m honored to have had the chance to serve Iowans by leading the Iowa Insurance Division, however both myself and my family feel that as my term is ending, now is the right time to move forward to other opportunities and focus on our family as it continues to grow,” Gerhart said.
Prior to his regulatory role, Gerhart held positions in the private sector at Sammons Financial Group and American Equity Investment Life Insurance Company.
Deputy Commissioner Doug Ommen will serve as the interim insurance commissioner when Gerhart steps down on December 23.
Insurance brokers could be underinsured says regulator
In an awkward report for insurance brokers, the financial regulator in the UK says that some brokers may lack the correct level of professional indemnity insurance.
The issue the Financial Conduct Authority has identified is that some exclusions in policies reduced them to levels below that required while some contained ambiguity regarding coverage and others contained outdated information.
The FCA has called on carriers to ensure that the policies provided to brokers and agents are sufficient for their needs.
