Cyber Reinsurance Market

In 2021, the worldwide cyber insurance market premium was close to $10 billion and by 2025 the market should grow to more than $20 billion as the world becomes more dependent on digital processes, said Torsten Jeworrek, chair of Munich Re’s reinsurance committee.

Recent loss experience, though, has led to a reduction in insurance capacity and increased prices, with cyber liability rates in the United States, the world’s biggest cyber market, increasing about 80% since 2020, Mr. Jeworrek said.

Source: Business Insurance