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ARTICLE · 27 OCTOBER 2023

GB Cyber Insurance Update – Q3 2023

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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 and UK based companies...

United KingdomInsurance
Simon Basham
Simon Basham

A general overview of the Cyber Insurance market throughout Q3.

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 Q3 2023 the GB cyber insurance market further established itself as buyer's market, with significant levels of competition between insurers.

In particular:

Very favourable buying conditions throughout Q3 with such conditions heightening towards the significant end of September renewal period. Most segments of the cyber market benefited from notably improved rates, pricing and number of options available;

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