Swiss Re wants government bail out as cybercrime insurance costs spike

As insurance companies struggle to stay afloat amid rising cyber claims, Swiss Re has recommended a public-private partnership insurance scheme with one option being a government-backed fund to help fill the coverage gap.

Global cyber insurance premiums hit $10 billion in 2021, according to Swiss Re’s estimates. In a study published this week, the insurance giant forecasted 20 percent annual growth to 2025, with premiums rising to $23 billion over the next few years.

Meanwhile, annual cyberattack-related losses total about $945 billion globally, and about 90 of that risk remains uninsured, according to insurance researchers at the Geneva Association.

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Source: The Register