Cyber insurance market outlook in the MENA region

Cyber SecurityAccording to a study conducted by French broker SIACI Saint Honoré, the acceleration of digital transformation and the use of remote working make companies more vulnerable to cyber attacks. MENA countries are particularly exposed to this type of risk which leads to the theft of personal data and the violation of State secrets.

Additionally, malicious attacks are costly to the industry due to the lack of awareness and preventive measures.

In the face of increasing cyber attacks and ransomware claims, the capacity of the MENA cyber insurance market has declined in 2020.

This downward trend is expected to continue over the next two years due to the frequency of these attacks. Moreover, market conditions are not favorable: reinsurers are becoming more risk selective and are reducing deployed capacity.

As a result, the average increase in reinsurance rates stands at 30%. The rising prices are expected to continue with average rates between 20 and 25% over the next year.

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