In April, manufacturers responded to inquiries about changes to insurance coverage, including limits and premiums.
- Rising premiums continue to challenge coverage needs–A majority of companies indicate an increase in premiums is their primary challenge. This remains consistent with our 2020 insurance benchmarks.
- A majority of companies reported more than a 20% increase in their cyber policy premiums compared to their prior renewal.
- Cybersecurity continues to rise as a “must-have” policy–As remote work continues, the cyber risk continues to increase, results show that 86% of companies reported having cyber security insurance policy.
- All the companies with revenues from $1 billion to $2.9 billion confirmed having a cyber security insurance policy.
- Some changes to limits in major coverage policies–While most companies didn’t experience a change in limits compared to their prior renewal, about a third reported a change in limits in their cyber policies and another 17% in director’s and officer’s liability policies.
- In addition, 75% of companies reported an increase in deductibles for cyber policies and 34% in director’s and officer’s liability policies.