This market segment is in a rather drastic transition in 2022. Losses have far exceeded predictions and both Carriers and Reinsurers are increasing pricing and cutting coverage available to the consumer. This is especially true for Schools and Public Entity Risks. Premiums are increasing by 2, 3 even 5 times at renewal, with Retentions increasing as well. Underwriting has toughened dramatically. In short, this is a severely contracting market with fewer and fewer carriers willing to offer terms. Finally, if you are not currently utilizing Multi Factor Authentication (MFA), you will, in almost every instance find coverage almost impossible to procure and if available the cost will be far higher.
Ryan Insurance has ben involved with Cyber Insurance since its inception at Lloyd’s London back in the early 2000’s. We know and understand the market place, and can access over 30 different carriers for your risk placement. We know what we are ding and are ready to assist here. We won’t just find a price … we will actually provide professional counsel to assist in getting the coverage that your firm needs. Give Wally a call today to discuss this.