{"id":8865,"date":"2021-06-23T00:38:55","date_gmt":"2021-06-23T00:38:55","guid":{"rendered":"https:\/\/www.bbrown.com\/insight\/cyber-market-update-q3-2021\/"},"modified":"2021-06-23T00:38:55","modified_gmt":"2021-06-23T00:38:55","slug":"cyber-market-update-q3-2021","status":"publish","type":"insight","link":"https:\/\/bbrown.com\/ca\/insight\/cyber-market-update-q3-2021\/","title":{"rendered":"Cyber Market Update &#8211; Q3 2021"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column]\n\t<div class=\"hero hero--wrap    \">\n\n\t\t<div class=\"hero--background-image hero--background-image-blur\">\n\t\t\t<div class=\"hero--overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"hero-background\" style=\"background: url(https:\/\/bbrown.com\/wp-content\/uploads\/2021\/12\/CyberMarketUpdateQ3_WebsiteGraphic.jpg) center center no-repeat; background-size: cover;\"><\/div>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"hero--container\">\n\t\t\t<div class=\"container\">\n\t\t\t\t<div class=\"hero--inner width-100\">\n\n\t\t\t\t\t\n  <div class='content-heading  100%  '>\n    <p class='text-white subheading'>Market Update<\/p>\n    <h1 class='text-white    '>\n      Cyber Market Update - Q3 2021\n    <\/h1>\n\t\n  <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;]\n  <div class='content-heading  100% content-heading--ruled '>\n    \n    <h1 class='text-brand-dark-blue    h2'>\n      Notable Updates in the Cyber Marketplace\n    <\/h1>\n\t\n  <\/div>[vc_column_text]<strong>Q3 2021: A Tipping Point?<\/strong><br \/>\nThe cyber insurance market is experiencing severe conditions. According to some reports, ransomware events are up 300%. After the Acer and CNA events, demands are now regularly in the tens of millions of dollars. With this level of increased frequency and severity, major markets are pulling back capacity while some carriers are no longer writing any new business. Certain carriers have pulled out of the cyber market entirely. 2021 will prove to be a tipping point for the market to correct and offer a sustainable product, or more dramatic changes will be necessary.<\/p>\n<p>Focused on smaller and middle-market insureds, InsurTech\u2019s approach to underwriting is winning the cyber race and has resulted in loss ratios well below the industry average. Going forward, similar approaches will need to be deployed in the large account space. Cybersecurity maturity, disciplined underwriting and adoption of quantification analytics to differentiate one insured from another will be key to building large cyber insurance programs that are priced efficiently and sustainable over the long term.<\/p>\n<h3>Download the full report for more updates and trends in the marketplace.<\/h3>\n<p>[\/vc_column_text]\t<div class='wpb_content_element text-left btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-green  '\n\t\t\t\thref='https:\/\/bbrown.com\/wp-content\/uploads\/2021\/12\/Cyber-Market-Update-Q3-2021-Brown-Brown.pdf' target='_blank' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Download Report<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][vc_column width=&#8221;1\/3&#8243;]\n  <div class=\"cards image-column mb-2 match-height\">\n    <div class=\"image-column--item cards--item \">\n\n              <div class=\"image-column--image\" style=\"background-image: url('https:\/\/bbrown.com\/wp-content\/uploads\/2021\/12\/CyberMarketUpdateQ3_WebsiteGraphic.jpg')\"><\/div>\n      \n      <div class=\"cards--inner\">\n                  <h3 class=\"cards--title\">Interested in learning more about property and casualty?<\/h3>\n                \n                  <a class=\"full-link\" href=\"https:\/\/bbrown.com\/property-casualty\/\" target=\"_blank\"><span class=\"sr-only\">Explore<\/span><\/a>\n          <div class=\"cards--read-more\"><a href=\"https:\/\/bbrown.com\/property-casualty\/\" target=\"_blank\">Explore<\/a><\/div>\n              <\/div>\n\n    <\/div>\n  <\/div>\n\n\t<div class='wpb_content_element text-center btn-container'>\n\t\t\t\t\t<a class='btn btn-brand-dark-blue  '\n\t\t\t\thref='\/us\/contact\/contact-general\/' target='' data-toggle=''>\n\t\t\t\t<span class=\"btn-text-color--default\">Connect Now<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]Q3 2021: A Tipping Point? The cyber insurance market is experiencing severe conditions. According to some reports, ransomware events are up 300%. After the Acer and CNA [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":7721,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[110,34],"class_list":["post-8865","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-market-trends","insight_category-property-casualty"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cyber Market Update - Q3 2021 - Brown &amp; Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bbrown.com\/ca\/insight\/cyber-market-update-q3-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cyber Market Update - Q3 2021\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_style=&#8221;page-hero&#8221; full_width=&#8221;stretch_row_content&#8221;][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]Q3 2021: A Tipping Point? 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