Insurance giant Marsh sees stabilization in cyber insurance rates, benefits for companies with strong security practices

Global insurance broker Marsh McLennan sees cybersecurity insurance premium rates leveling off after two years of “persistently high claims rates” pushed up the cost of coverage, while highlighting “twelve key controls” to reduce ransomware and other cyber risks.

“Persistently high claims rates have accelerated pricing pressures, and even clients with no losses and good cyber hygiene controls have seen rate increases during the past several quarters,” according to a 2022 second-quarter update posted Wednesday by Marsh.

“Yet, while rate...