AdvisorSmith Conducts Mid-year Market Update for Cyber Insurance

NEW YORK - June 29, 2021 - PRLog -- AdvisorSmith, a leading source for insurance and economic content, released its newest analysis that examined a mid-year market update for cyber insurance in 2021.

AdvisorSmith examined the significant trends in the cyber insurance marketplace for its midyear update, from pricing to coverage. There have been major changes for the cyber insurance market due to the rise in attacks and risk exposure for insurers.

Reviewing cyber insurance premium costs, rate filings, and surveys of insurance brokers, AdvisorSmith estimated that the average cost of cyber insurance for small businesses had risen approximately 7 percent for 2021 policies. This increase leads to estimated average annual premiums for small businesses of $1,589 for $1 million in cyber liability coverage.

A year ago, the average cost for cyber insurance was $1,485 per year in 2020, slightly lower than in 2019, when average prices were $1,501 per year.

The update also includes major trends in the cyber insurance market.

To view the complete study, visit https://advisorsmith.com/cyber-liability-insurance/market-update-2021/.

About AdvisorSmith

AdvisorSmith, a leading source for insurance and economic content, released its newest analysis that examined a mid-year market update for cyber insurance in 2021.

AdvisorSmith examined the significant trends in the cyber insurance marketplace for its midyear update, from pricing to coverage. There have been major changes for the cyber insurance market due to the rise in attacks and risk exposure for insurers.

Reviewing cyber insurance premium costs, rate filings, and surveys of insurance brokers, AdvisorSmith estimated that the average cost of cyber insurance for small businesses had risen approximately 7 percent for 2021 policies. This increase leads to estimated average annual premiums for small businesses of $1,589 for $1 million in cyber liability coverage.

A year ago, the average cost for cyber insurance was $1,485 per year in 2020, slightly lower than in 2019, when average prices were $1,501 per year.

The update also includes major trends in the cyber insurance market.

To view the complete study, visit https://advisorsmith.com/cyber-liability-insurance/market-update-2021/.