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ARTICLE · 14 FEBRUARY 2024

GB Cyber Insurance Market Update

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This update is a general overview of the key developments in the GB cyber insurance market; we will analyse the current conditions for WTW clients both international...

United KingdomInsurance
Simon Basham
Simon Basham

Executive summary

This update is a general overview of the key developments in the GB cyber insurance market; we will analyse the current conditions for WTW clients both international and UK based companies using the London insurance market to transfer risk.

During the second half of 2023, the GB cyber insurance market was generally a buyer's market in most revenue and industry segments, in particular:

  • Very favourable buying conditions throughout H2, particularly in Q4. Most segments of the cyber market benefited from notably improved rates, pricing, and number of options available.
  • Large amounts of capacity persisted in H2, fuelling very competitive market conditions.

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