Cyber-Reinsurance Prices Jump 40% Over Ransomware Fears

Law360, London (July 1, 2021, 1:32 PM BST) — Global cyber-reinsurance prices have been pushed up by as much as 40% in the last year amid fears of a major “systemic” attack, Willis Towers Watson said on Thursday, as insurers seek to offload risk.

The London-based broker said the price hikes, which came in the July reinsurance renewal season and were as high as 40%, were the result of increased demand for cover and the unwillingness of reinsurers to take on additional business — a cyclical phenomenon in insurance known as a hard market.

Willis Towers said in a report on the reinsurance renewal period leading up to July 1 that…

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