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In Q2, median property price increases decelerated to 2.3%. -
Top concerns also included medical cost inflation and employee benefit costs.
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SMEs represented 98% of cyber claims from 2019-2023 totaling $1.9bn.
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The MGA noted a 17%-20% price decline last year and expects similar for 2024.
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Amwins anticipates market softening will continue, absent loss ratio concerns.
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Improved profitability has led some insurers to increase their own retentions.
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Expansion of the middle-market book is an ongoing focus.
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Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
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The report predicts a 1-in-250-year cyber event could see over $100bn in losses.
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Portfolios of clients of varying size in the same region aggregate more risk.
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Small and medium businesses now comprise 45% of cyber market exposure.
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Predicted market pricing corrections have yet to be seen broadly.
