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Cyber insurers passed a tipping point in 2020, with loss frequency and severity outpacing pricing increases and tougher underwriting, according to a new report from Aon.
Claim severity rose significantly in 2020,
according to Aon’s analysis, with many clients seeing eight-figure ransomware losses. In terms of frequency, Aon typically saw three new errors and omissions (E&O)/cyber claims each day. This is up nearly 100% from 2019, with ransomware up 486% between the first quarter of 2018 and the fourth quarter of 2020, and 150% between 2019 and 2020.