Cyber Privacy Insurance Market Survey 2012 published last night

And a lot of work it was, as we weeded out much of the Technology E&O coverage details that had crept in over the years.  The issue of Tech E&O coverages combined with Cyber/Privacy coverages is important to pay attention to; many Cyber products are built on a common platform with Tech E&O coverages, and it is not easy to separate them.  We do, though, as we believe our Cyber readers want to know about Cyber, our Tech readers want to know about Tech E&O, and mingling the two in our Reports makes it harder to make use of them.

We also added 3 new carriers (Argo Pro, Berkley, and RSUI), and have removed Euclid, as that market is only available to insureds that buy Technology E&O.  Euclid is still included in our February Tech E&O Market Survey.

Some of the highlights of the Report:

  • Total premiums estimated at $1 billion for the first time, up from $800 million in 2011
  • Substantial growth in policy count as smaller insureds buy coverage, and premium growth as larger insureds buy higher limits
  • Rates remain competitive as carriers try to defend or gain market share
  • Higher limits available for Breach Response coverages
  • Industry specialization continues, especially for health care insureds (probably the fastest growing Cyber insurance buying segment)
  • More carriers are negotiating improved prices for breach response services

Our Report also includes a guest article by Mac Brinton, President of InfoGard Laboratories, describing the Safe Harbor opportunities for certified protected health care information, a concept that we think significantly reduces the chance of a breach response claim for qualified health care organizations.  Mac’s article begins on page 13.

The Executive Summary of the Report can be found at our website and at the IRMI site.  Subscribers should go here to log in for access to the full Report.

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One response to “Cyber Privacy Insurance Market Survey 2012 published last night

  1. Pingback: SaaS In The Enterprise - William Terdoslavich - Breach Insurance Still Partly Cloudy

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