Nymphea Batra, Chief Executive Officer, Guy Carpenter India, said, “India’s insurance market is experiencing a period of stabilization following rate increases in 2021 and 2022. The ongoing threat of ransomware and malware continues to drive losses, highlighting the need for robust cyber insurance solutions. As larger companies seek more coverage at lower deductibles, the evolving risk landscape presents both challenges and opportunities for insurers in India and beyond.”

“As global cyber insurance premiums continue to increase, there has been a shift in the geographical distribution of the business,” said Erica Davis, Global Co-Head of Cyber, Guy Carpenter. “Although a significant portion of global premium still comes from carriers focused on North America, there has been a notable surge in growth in Europe and Asia. This acceleration in growth is good news for global reinsurers’ desire to diversify their exposure, which further helps unlock new capacity in the regions.”

“This year’s study shows that the modeled outputs have increased across all return periods and the extreme tail due to a combination of a change in exposure year on year and the updates introduced by the newer versions of the vendor models,” said Anthony Cordonnier, Global Co-Head of Cyber, Guy Carpenter. “Market dynamics have shifted with an increased proportion of larger companies purchasing more cover across the board at relatively lower deductible levels. This growth in sum insured alongside a turbulent and ever-changing threat landscape has contributed to the development in vendor model losses.”