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Cyber insurance market growing dramatically, Triple-I finds

Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56 percent of the total, according to the Triple-I latest Issues Brief. See also: Triple-I Issues Brief and Triple-I Blog.

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Business Insurance Cyber liability risks

The loss of personal data and operational obstacles caused by cybercrimes is a big concern to insurers. NAIC President Andrew Mais says cyber resilience should become part of the insurance industry’s matrix to protect consumers. See video: Cybercrimes & insurance protection; Articles: Cyber insurance can protect the future of your business or Cyber insurance: a key part of a robust business strategy.

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I.I.I. Glossary

401(K) PLAN- An employer-sponsored retirement savings plan funded by employee contributions, which may or may not be matched by the employer. Federal laws allow employees to invest pretax dollars, up to a stated maximum each year.

RENTERS INSURANCE- A form of insurance that covers a policyholder’s belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or her dwelling is repaired. It also can include coverage for property improvements. Possessions can be covered for their replacement cost or the actual cash value that includes depreciation.

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I.I.I. News Wire

Triple-I Offers Reminders on Insurance Claim Filings for Consumers Impacted by California Atmospheric River Damages

For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org    SAN FRANCISCO, Feb. Read More

Cyber Insurance Market Growing Dramatically, Triple-I Finds

For Immediate Release  Contact: Michael Barry, 917-923-8245, michaelb@iii.org    NEW YORK, Feb. 7, 2024—Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. Read More

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Events Calendar

Advanced Analytics: Walk in the Insurance Regulator’s Shoes
February
29
2024
Triple-I CEO Sean Kevelighan will be presenting at the Advanced Analytics: Walk in the Insurance Regulator’s Shoes, which is being held on Thursday, February 29 at 9am ET to examine the collaboration between insurers and regulators in the age of AI. Checkout event website.
2024 CAS RPM Seminar
March
18
2024
Triple-I Chief Insurance Officer Dale Porfilio will be presenting at the 2024 CAS RPM Seminar. Join CAS which is being held March 18-20 in New Orleans, LA. Checkout event website.
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