Executive Summary: The Betterley Report’s Cyber Privacy Insurance Market Survey–2024

The rise of artificial intelligence (AI) has impacted many industries. However, we wondered about AI’s current impact on cyber insurance, especially with its potential to increase the frequency and severity of cyber attacks. The recently released Betterley Report’s Cyber/Privacy Market Survey—2024 surveyed the top cyber insurers on this issue. Although all eyes may be on AI, few insurers currently include specific policy language addressing AI-related issues.  Further, the report analyzes the challenges and opportunities AI presents for the cyber-insurance market.

Additionally, the report continues to focus on cyber insurance’s rapid evolution. Although these changes make it challenging to keep up, the report equips you with the tools to be an expert in the cyber insurance market. The report’s nearly 100 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 insurers’ approach to the ten 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 related to a data breach.

The report also analyzes the state of the cyber market, which continues to report growth. Regarding rates, they have moderated since last year, and almost all survey participants indicate plans for further decreases. However, there are some risks to the cyber market’s growth, such as ransomware and attacks from foreign adversaries.

All specialty lines insurance professionals should get the report today to master the cyber 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 Privacy Insurance Market Survey (June 2024)

Meet the Author

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.