“Clients generally continued to increase their self-insured retentions (SIRs) early in 2022. As the market improved and pricing stabilized throughout the year, there began to be a decrease in SIRs as coverage became more available and affordable, a trend that has continued into 2023, according to the report.”
Stricter policy language, pricing increases and more scrutiny at policy inception made for a tumultuous couple of years in the cyber insurance market.
Source: Marsh: Cyber Insurance Purchases Climb After Rocky Couple of Years