It proved to be a timely piece. According to a report from Verizon, cyberattacks involving ransomware increased 50% in 2016, with yesterday’s attack ranking among the largest ever.
Last year, 138 insurers reported writing US cyber premiums in 2016. But results varied drastically between individual insurers and between standalone and package policies.
As the nature of attacks and coverage offerings continue to evolve, what are the biggest changes we can expect from the cyberinsurance market over the next 5 years? Let us know your thoughts.
Last week, we highlighted that investment deals to insurance startups had seen a notable drop compared to the same quarter last year.
We have, though, seen more insurance startups go to market in 2017 YTD.
Here’s a brief rundown of US venture capital-backed insurance startups (licensed or working with carrier/reinsurer partners) that have launched formally or in additional states since the start of this year.
How insurance startups eventually launch can vary from what they first had in mind. A presentation by the New York Department of Financial Services on Lemonade from last November provides an interesting look at some of the questions insurance regulators grappled with in terms of business model.