With Attacks on the Upswing, Cyber-Insurance Premiums Poised to Rise Too

The report reviews 2023 cyber-insurance market trends: ransomware and privacy-related claims increased, driving claim costs and contributing to volatility in premiums (a 6% drop in Q3 2023 vs Q3 2022 notwithstanding). Industry metrics show growth—direct written premiums rose to $5.1B (up 62% YoY)—and insurers have tightened underwriting (clarified exclusions, adjusted coverage), while improvements in security and fewer ransom payments moderated some costs; overall, prices are expected to stabilize then trend upward over the next 12–24 months as the threat landscape remains active.