Here is our first broker cyber intelligence report from the survey we undertook earlier in 2020.
We have tried to pose many questions to brokers which are aimed at understanding how they are seeing the development of the cyber insurance markets and the choices which they are able to offer to insured clients.
Here are just a few of the highlights in the report:
Although brokers are discussing cyber risk and insurance with their clients, this is not producing many sales of standalone cyber insurance.
Over half of the brokers surveyed have less than 10% of their clients buying standalone cyber insurance
Most clients that do buy the cover are prompted by discussions held with their brokers
A complex proposal is also a major barrier to sales of standalone cyber insurance
Where cyber claims have been made by clients, they are mainly satisfied with the claim outcome
You can download the report here: