Cyber-Insurance Prices Plummet as Market Competition Grows

The report outlines a maturing cyber‑insurance market in 2023–2024, noting a 15–17% decline in average premiums driven by increased insurer competition, greater underwriting capacity, and improved cyber hygiene among organizations, even as claims frequency and severity rose. It highlights insurers adopting deeper, more dynamic risk assessments, growing demand from SMEs and non‑US markets, and warns that a systemic cybersecurity event or sustained increase in severe claims could reverse current downward pricing trends.