LONDON, July 5 (Reuters) - Cyber insurance rates dropped around 10% in June compared with a year earlier, reversing recent sharp rate rises, as claims proved smaller than expected, broker Howden said in a report on Wednesday.
Cyber insurance rates more than doubled in 2021 during the COVID-19 pandemic, driven by a rise in so-called ransomware attacks, Howden said.
"Everybody is back with appetite for writing cyber insurance," said Shay Simkin, global head of cyber at Howden.
Increased competition has contributed to lower rates, Howden said.
Cyber insurance premiums totalled more than $12 billion in 2022 versus $10-11 billion in 2021, Simkin said, and Howden forecasts the market to increase to around $50 billion by 2030, given the size of cyber crime.
Persons:
Howden, Ransom, Shay Simkin, Simkin, Carolyn Cohn, David Evans
Organizations:
Thomson
Locations:
Russia, Ukraine, Howden