Aon calls for cyber to become own statutory line as industry LR jumps 22 points in 2020
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Aon calls for cyber to become own statutory line as industry LR jumps 22 points in 2020

Eli Rallo
June 09, 2021
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Aon has called on the National Association of Insurance Commissioners (NAIC) to improve data transparency by separating cyber insurance products into their own statutory line of business, while also reporting that the average cyber claim size spiked by 50% in 2020.

In its annual US Cyber Market Update released on Wednesday, the intermediary said breaking out the line of business into as many three distinct categories – third-party commercial liability, first-party damage, and cyber for personal lines – was needed...

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