The Harsh Market, with a focus on cyber

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Headline findings include:

• Of those members who buy cyber insurance and have had a claim, all claims related to a ransomware attack and all claims have been paid.
• Employee education and email defences are materially the most likely cyber risk controls.
• Data breach advisors and security advisors are by a significant margin the most likely first points of contact following a cyber incident.
• Premium rates for cyber are rising and increases of 400% have been seen for the first time in these surveys.
• Cyber risks are the most likely new risks to be financed by Captives.
• The market, generally, is still perceived as “hard”, but there are green shoots emerging in market conditions, as a number of members report an easing back of premium rate increases and cover limitations, albeit there remain challenges for programme capacity.