December 3, 2024

Executive Summary: The Betterley Report’s Cyber Insurance for Healthcare Market Survey-2024

The rise of artificial intelligence (AI) has impacted many industries, including health care. The recently released Betterley Report’s “Cyber Insurance for Healthcare Market Survey—2024” interviewed the top cyber insurers regarding the current impact of AI on cyber insurance. Although all eyes may be on AI, few insurers currently include specific policy language addressing AI-related issues.

Additionally, the report focuses on the rapid evolution of cyber insurance for the healthcare market. Although these changes make it challenging to keep up, the report equips you with the tools to be an expert in the market. The report’s nearly 80 pages of charts include meaningful and detailed comparisons for each insurer, their market focus, specific coverage wording, extensions, capacity, and risk management services. Learn the leading insurers’ different approaches on multiple topics, such as the following.

The insurers’ approaches to the 10 crucial coverages in a cyber policy
The various exclusions, including a focus on the problematic exclusion for failure to maintain security standards
The separate coverage triggers for a failure to secure data, employee-caused losses, third-party losses, and data theft
The different remediation costs covered that are related to a data breach

The report also analyzes the state of the cyber insurance for healthcare market, which continues to report growth. Although rates continue to be stable, learn the reasons why ransomware continues to plague the sector.

All specialty lines insurance professionals should read the report today to master the cyber insurance for healthcare market! You can read the executive summary in PDF form below and you can find additional report highlights and order the full report here.

PLUS Summary – Cyber Insurance for Healthcare Market Survey (Oct 2024)

Meet the Author

Headshot of Richard Betterley.

Richard S. Betterley, LIA, is the president of Betterley Risk Consultants (BRC), an independent insurance and alternative risk management consulting firm. BRC, founded in 1932, provides independent advice and counsel on matters important to the commercial property and casualty insurance industry and its customers, alternatives to traditional insurance, and related services throughout the United States. It does not sell insurance or related services. Mr. Betterley is a frequent speaker, author, and expert witness on specialty insurance products and related services. He is a member of the Professional Liability Underwriting Society.

He joined the firm in 1975. Mr. Betterley created The Betterley Report in 1994 to be the objective source of information about specialty insurance products. Now published six times annually, The Betterley Report is known for its in-depth coverage of management liability, cyber risk, privacy, intellectual property, and media insurance products.