{"id":5994,"date":"2023-11-06T13:47:10","date_gmt":"2023-11-06T19:47:10","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=5994"},"modified":"2023-11-06T13:47:10","modified_gmt":"2023-11-06T19:47:10","slug":"q4-cyber-market-update","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/q4-cyber-market-update\/","title":{"rendered":"Q4 Cyber Market Update"},"content":{"rendered":"

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Property & Casualty<\/p>\n

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\n Q4 Cyber Market Update\n <\/h1>\n\t\n <\/div>[vc_column_text]<\/p>\n

Market Conditions<\/h3>\n

Due to refreshed capacity and carrier growth strategies, competition has increased in 2023, primarily for risks exhibiting best-in-class controls. The impact of competition has lessened in the second half of the year, but the potential exists for 0-15% decreases compared to rates in 2022, specifically for companies with significantly improved controls. The possibility of increases continues for companies that have yet to demonstrate year-over-year improvements to IT security controls or those with recent incidents. Regarding coverage, carriers are willing to engage in discussions for enhancements, and there is flexibility in amending forms.<\/p>\n

Claims<\/h3>\n

The level of cyberattacks is rising after declining throughout the second half of 2022 and early this year. Ransomware negotiator Coveware notes that the percentage of companies paying a ransom demand has decreased significantly over the past year. However, when ransoms are paid, the amount being paid has notably increased.<\/p>\n

Capacity<\/h3>\n