Lorenzo Spoerry

Demand for cyber insurance in the Asia-Pacific (Apac) region is growing at almost 50% per year, according to a new report by Gallagher Re, as the region continues to experience a digital transformation of its economy. This means that cyber insurance in Apac accounts for 7% of the global cyber insurance market as of January 2024. There is “significant potential for further growth” in the up-and-coming markets like Thailand, Malaysia, Vietnam, Indonesia, and the Philippines, Gallagher Re said.

CFC Underwriting, a leading cyber-focused managing general agent (MGA), has opened its first office on the ground in Spain. Earlier this year, CFC strengthened its foothold in North America and Australia. Its new Madrid-based operation marks a further step in CFC’s strategy of expanding its global footprint to develop closer relationships and provide local expertise to its broker partners in key territories around the world.

The cost of business email compromise incidents more than doubled in 2023 compared to 2022 in NetDiligence’s latest cyber claims study. The average cost of a business email compromise claim rose to $183,000 in 2023 from $84,000 in 2022, according to NetDiligence, which provides cyber risk management software and services to the insurance industry. This company’s annual cyber claims report presents data from over 10,000 cyber insurance claims from incidents occurring from 2019 through 2023.