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You'll know that the cyber and tech market has been under a lot of pressure in the past six months, mainly due to the increase in size and frequency of ransomware losses. Unfortunately, this has resulted in changes to underwriters’ appetite and capacity.
As well as the inevitable increases in premiums and retentions, underwriters are also scrutinising the risks much more diligently and it is now becoming more difficult to place any new or renewal business in London that doesn’t have Multi Factor Authorisation (MFA). Unfortunately, commissions are also under intense scrutiny and are being summarily reduced.
- These changes do not appear to be unique to the London market.
- As a result of these factors in play across global markets, our underwriters are now inundated with submissions.
- As they only have a finite amount of premium income, they are being very selective about what they will write.
- Some have stopped writing new business entirely in order to conserve their premium income for their renewal book.
How we can help
Despite all these changes, there are still opportunities in this current market place and we're well positioned to help. Our team is growing fast in terms of increased revenue and new staff members - with the new hire of Oche Ojabo we now have five specialists dedicated to Cyber, Tech and Media placements.
Here are just some of the main changes in appetite:
View more information about our professional and financial risk expertise.