Cyber-attacks weighed heavily on French insurers in 2020

Cyber-attacksA study titled "Lumière sur la cyberassurance", conducted by the the Association of Corporate Risk and Insurance Management (Amrae) in partnership with eight brokers, shows that the French market of cyber risks recorded a 49% premium increase set at 130 million EUR (159.6 million USD) in 2020.

Unfortunately for insurers, the cost of cyber-attacks increased much faster than the premiums in 2020. The indemnities rose by 197% in 2020 going from 73 million EUR (81.7 million USD) in 2019 to 217 million EUR (266.5 million USD) in 2020. This is due to four major claims which cost insurers in 2020 between 10 and 40 million EUR (12.2 and 49.1 million USD) each. The loss ratio thus went from 84% in 2019 to 167% in 2020.

Amrae says even if 87% of large companies benefit from a cyber insurance, their coverage remains limited to 38 million EUR (46.6 million USD) on average.

Only 8% of the medium-sized enterprises benefit from cyber-attack coverage set at 8 million EUR (9.8 million USD).

The lack of coverage also affects SMEs (Small and Medium Enterprises) and poses a threat on the French economy.

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