Insurance Business unveils America's best cyber insurance providers for 2023

Insurance Business unveils America’s best cyber insurance providers for 2023 | Insurance Business America

Insurance News

Insurance Business unveils America’s best cyber insurance providers for 2023

The winners were rated across 10 attributes

Insurance News

By
Roxanne Libatique

Insurance Business America (IBA) has revealed this year’s 5-Star Cyber providers – cyber insurers that stood out for persevering in the face of uncertainty and dealing with unknowns to become the best.

IBA selected the best cyber insurance providers across the US by enlisting some of the industry’s top experts.

For 15 weeks, the IBA research team conducted one-on-one interviews with specialist brokers and surveyed thousands more within the IBA network to gain a keen understanding of what insurance professionals thought of current market offerings. The IBA team asked brokers what features they thought were most significant in a cyber insurance policy and how the carriers they dealt with rated on those attributes.

Key attributes rated by brokers when placing a cyber policy

Brokers measured carriers on:

coverage;
claims payment or processing;
underwriting expertise;
breach response;
flexibility or customization of policies;
pricing;
access to risk mitigation and risk evaluation partners;
educating the broker about the policy;
flexibility with vendor management; and
external scanning.

As an additional part of the editorial process, IBA’s researchers interviewed Gerry Glombicki, senior director, Fitch Ratings – for an independent analysis of the report and its findings.

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