Cyber insurance premiums are forecast to rise faster than all other lines of insurance, according to Aon analysis.
“As we look ahead, we are seeing a broad shift of companies putting a greater value on intangible assets, such as cyber and intellectual property,” said Michael Moran, CEO of Aon Inpoint. “There are multiple reasons for the increased focus and increased premiums ranging from financial statement protection due to a business interruption to the constantly evolving global regulatory environment including the European Union’s General Data Protection Regulation.”
Over the past five years, cyber insurance premiums grew 23% annually.
By 2021, Aon predicts that worldwide cyber premiums will be worth $4 billion, a compound annual growth rate of 14.1 percent.
According to the Aon report, aside from cyber, insurance premiums aimed at financial institutions, mining and minerals, and technology and media are also expected to increase rapidly through 2021.
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