Demystifying cyber insurance : today's trends and tomorrow's challenges

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<title>Demystifying cyber insurance</title>
<subTitle>: today's trends and tomorrow's challenges</subTitle>
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<namePart>Federation of European Risk Management Associations</namePart>
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<dateIssued>2025</dateIssued>
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<abstract displayLabel="Summary">The document provides a comprehensive overview of the European cyber insurance market, its evolution, current dynamics, and future challenges. It begins by highlighting the growing importance of cyber resilience and the role of insurance in mitigating digital risks. The report outlines historical trends, recent market softening due to improved cybersecurity, and the increasing demand for broader coverage and simplified underwriting. It discusses legislative frameworks across Europe, including reporting obligations under GDPR, NIS2, and DORA, and explores the insurability of fines, penalties, and ransoms. Key challenges addressed include coverage fragmentation across multiple policies, exclusions (especially war and systemic risks), and low penetration among SMEs. The report emphasizes the need for tailored products, better education for brokers and clients, and collaborative efforts to close the cyber protection gap. It concludes with targeted recommendations to improve adoption, resilience, and market functionality, stressing that cyber insurance should complementnot replacerobust cybersecurity practices</abstract>
<tableOfContents displayLabel="Contents">Introducción -- 1.1. Background -- 1.2. Why this new report? -- 1.3. Aim of this report -- 2. State of Play of the European Cyber Insurance Market -- 2.1. Key trends and figures -- 2.1.1. Historical trends -- 2.1.2. Current market dynamics -- 2.1.3. Evolution of cyber insurance claims -- 2.2. Legislative frameworks -- 2.2.1. Cyber incident reporting obligations -- 2.2.2. Insurability of fines and penalties -- 2.2.3. Insurability of ransoms -- 3. Challenges -- 3.1. Coverage of cyber risks through multiple policies -- 3.1.1. Overview -- 3.1.2. Focus on: Silent Cyber -- 3.1.3. Foresight: possible future AI exclusion -- 3.1.4. Recommendations -- 3.2. Exclusions -- 3.3. Low SME penetration -- 4. Conclusion</tableOfContents>
<note type="statement of responsibility">Federation of European Risk Management Associations</note>
<note>En portada: FERMA, Marsh, Howden</note>
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