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.