Cyber insurance premiums surge by 50% as ransomware attacks increase

US cyber insurance premiums surged 50% in 2022 as increased ransomware attacks and online commerce drove demand for coverage.

Premiums collected from policies written by insurers reached $7.2 billion in 2022 and tripled in the past three years, ratings firm AM Best said in a study released this week. “Systematic risk is an ongoing concern,” Fred Eslami, an AM Best associate director, said in a statement.

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Source: Insurance Journal