Cyber Security insurance is one of the fastest growing segments in the insurance industry. Annual premiums have reached an estimated $10 billion and are expected to grow to nearly $23 billion by 2025, according to Fitch Ratings. Also, composite cyber insurance pricing increased 48% in the U.S. in the third quarter of 2022, continuing to outpace other products, according to Marsh’s Global Insurance Market Index. Companies of all sizes are looking to add or increase coverage in this area and Premium Finance Brokerage can help get the premiums paid for.
If you are not talking about cyber insurance with your clients, someone else probably is. With recent cyber attacks in the news and the threats ever increasing, it is in your best interest to educate yourself and your agency staff on cyber insurance. According to the FTC (Cyber Insurance | Federal Trade Commission (ftc.gov)), it is important for cyber policies to include among other things, data breaches, cyber-attacks on data held by vendors and other third parties and cyber-attacks that occur anywhere in the world, not only in the United States.
For your clients protection and improved agency performance, we urge you to embrace cyber-security insurance. When seeking payment solutions for these policies, please contact your PFB representative or get in touch at 866-381-6501 or firstname.lastname@example.org.