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Data and Privacy Breaches Fuel Cyber Insurance Claims Surge

In Insurance News
October 09, 2024

Risk & Insurance reports:

Cyber insurance claims, particularly those related to data and privacy breaches, have seen a significant increase in the first half of 2024, with the U.S. accounting for 72% of large claims in H1 2024, according to Allianz Commercial’s annual cyber risk outlook.

The frequency of large cyber claims — those in excess of 1 million euros ($1.1 million) — in the first six months of 2024 was up 14% while severity increased by 17%, according to the insurer’s claims analysis, following just a 1% increase in severity during 2023.

The rise in ransomware attacks and a surge in class action litigation for alleged privacy violations, especially in the U.S., are key contributors to this trend.

Read more at Risk & Insurance. The full Allianz Commercial report can be accessed here.