Cyber: Rapid cyber business growth seen as credit negative -Fitch
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Insurers' aggressive expansion into standalone cyber insurance could be credit negative, because cyber attacks pose dangerous risks and uncertainty across industries, according to a report from Fitch Ratings.
In its report, "Global Cyber Insurance Update: Expanding Threats Amplify Underwriting Opportunity, Loss Potential", Fitch says that cyber risk insurance is the fastest growing segment in property/casualty insurance with an estimated US$3 billion in premiums in 2015 and anticipated to triple in four years. Approximately 50 insurance carriers now offer some form of standalone cyber insurance coverage.