Insurance Companies Move to Expand Scope of War Exclusions

The cyber insurance product market is more expensive and tighter than ever. Cyberattacks nearly doubled year-over-year in 2021, according to NCC Group. Insurance companies responded: Cyber insurance policy premiums increased by 110% in the first quarter of 2022, according to the Marsh Global Insurance Market Index. Those increases have not dampened demand. Marc Schein, a Marsh risk management consultant, told Axios in September that clients are still purchasing cyber insurance plans despite increasing cost. As of the second quarter of 2022, Marsh reported that for the first time, more than 50% of its clients purchased cyber insurance.