The cyber liability insurance landscape shows no signs of being any less ubiquitous, unpredictable, and perpetually confusing than in previous years, which is why it’s essential to have a comprehensive guide to the trends in the market and what you should know—and anticipate—as we start the new year. All told, there are plenty of aspects for modern businesses to be cognizant of in this evolving insurance landscape. Woodruff Sawyer is pleased to share our new Cyber Looking Ahead Guide for 2023, addressing these concerns.
After two years of volatility, prices finally appear to be normalizing. As described in the Guide, price increases and a downturn in the frequency of ransomware in 2022 have resulted in healthier insurance carrier loss ratios. Still, we will continue to monitor other catalysts, such as the new California Privacy Rights Act (CPRA) and similar legislative proposals in other states, expanded liability for the C-suite, tightened errors and omissions (E&O) capacity for technology companies, and, of course, the war in Ukraine and its continued widespread effects—including the possible use of the war exclusion.
