Insurers run from ransomware cover as losses mount.


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I was working for a large global commercial insurance company in the early days of cyber coverage. That segment was printing money for a few years. Wearing my cyber hat, I always wondered what the underwriters were doing to assess the the risk and exposure of the organizations they were insuring. It turned out that it wasn't a whole lot, but nobody cared at the the time because of the aforementioned money printing. I felt like this strategy would eventually crash and and burn. Now with large, well known companies being breached almost daily, the tables have clearly turned. Premiums are skyrocketing and coverage limits are being scaled back.

Unrelated to this sub but related to this topic, there are P&C carriers who are basically putting their property books into run-off and leaving the segment in certain, or in some cases all geographical locations due to frequency of large catastrophe event and associated claims as a result of the effects of climate change.

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