{"id":2995,"date":"2023-07-20T09:56:58","date_gmt":"2023-07-20T14:56:58","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=2995"},"modified":"2024-02-28T14:59:59","modified_gmt":"2024-02-28T20:59:59","slug":"two-minute-takeaway-cyber-q3-2023-market-trends","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-cyber-q3-2023-market-trends\/","title":{"rendered":"Two-Minute Takeaway: Cyber | Q3 2023 Market Trends"},"content":{"rendered":"

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Property & Casualty<\/p>\n

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\n Two-Minute Takeaway: Cyber | Q3 2023 Market Trends\n <\/h1>\n\t\n <\/div>[vc_column_text]Our Two-Minute Takeaway provides a quick overview of notable topics and trends in the mid-level marketplace.\u202f<\/span><\/i><\/b>Read on to learn more about what\u2019s happening in the cyber sector.<\/span>\u00a0<\/span><\/p>\n

Rate Trends<\/h3>\n

Rates in the cyber insurance market are decreasing, currently averaging 5% – 10% on primary policies. Carriers are facing considerable pressure to grow their books of business, creating competition for customers with strong controls.\u00a0<\/span>\u00a0<\/span><\/p>\n

To compete, carriers are more willing to offer broader coverage, lower retention and, in some cases, higher limits. With increased competition, the market is stabilizing and more predictable than in previous years.\u202f<\/span>\u00a0<\/span><\/p>\n

Layered programs are also gaining competition, with resulting reductions in excess pricing, particularly for larger towers.\u00a0<\/span>\u00a0<\/span><\/p>\n