Cyber
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Insureds are also buying less limit to manage spend, which is impacting the flow of business to the London excess market. -
The incoming cyber head will step into the role left by Laura Hunt, who joined AIG last month.
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Continuing price rises in cyber are fuelling concerns there will be a rise among insureds deciding not to renew and a drop in new buyers.
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The broker expects UK underwriters to target industries aligned with appetites, leading to pricing divergence.
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The global damage related to cyber crime will reach $10tn by 2025, according to current estimates.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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According to a joint Marsh-Microsoft report, 75% of 660 companies surveyed said they have suffered a cyber attack of some form.
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Prior to joining, Laura Hunt was cyber practice head at Chaucer for seven years.
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Aon’s report covering multiple classes and geographies highlighted improving conditions in D&O for the UK, and a moderation of rate rises in property.
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The analyst firm estimated more than 60% growth in Beazley’s cyber portfolio in 2022
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The appointment of Granger follows other recent cyber market moves, including the entry of Starr to the market.
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There are still some hurdles preventing widespread ILS adoption of cyber risk, but momentum should increase.
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