Insurance Prices Are Rising, With Cyber Claiming Big Increases

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Global commercial insurance prices increased 18 percent, on average, in the first quarter of 2021, although there are signs that increases may be plateauing in some regions. The first quarter increase was lower than the 22 percent seen in the prior quarter. Pricing for cyber insurance diverged from the trend, with prices generally increasing – notably by 35 percent in the United States and 29 percent in the United Kingdom – driven by the frequency and severity of losses. The data comes from the Marsh Global Insurance Market Index. Pricing for cyber insurance experience the largest increase since 2015. Payment demands now frequently exceed 1 million. The attacks have affected all industries, especially health care, manufacturing, educational institutions, and public entities.

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