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Cyber Risks continued to see strong rate increases of 40% (2021: 88%) leading to an increase in gross premiums written of $1,156.1m (2021: $814.3m).

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Our market leading cyber insurance offering protects businesses against cyber threats by building resilience and minimising risk. Beazley is a pioneer in Cyber insurance and has led the way in the development of an effective cyber ecosystem which protects clients, before, during and after a cyber incident and in the creation of the market’s first cyber catastrophe bond.
Paul Bantick

Global Head of Cyber Risks - Cyber Services

A successful year

New business was strong across all geographies with our business outside of our core US client base growing exponentially. In the US, we are seeing strong demand from the mid-market segment which is driving ongoing growth. Outside of the US, demand came from Europe, Asia, Australia and beyond and we expect this trend to continue as business becomes increasingly aware of and keen to protect itself from the Cyber threat. The substantial rate increases we have seen over the last two years, did begin to moderate during 2022, but they remained at very significant levels, reflecting the scale of the challenge that Cyber poses.

Adapting now, to grow tomorrow

We are a market leader in Cyber and we believe we need to use that position to address the challenges the market faces. In 2022 this saw us tackle the issue of Cyber catastrophes. To date no cyber attack has been big enough to create a widespread breakdown in essential services; however, we have modelled the possible scenarios and believe now is the time to actively build market awareness and the capital needed to address the threat as the market grows.