Average Cyber Insurance Losses Increase Despite Fewer Claims

Chubb reports average cyber insurance losses rose in the US as growing privacy litigation drove up claim costs despite fewer claims.

Chubb disclosed that average cyber insurance losses increased even though the number of claims declined. The insurer attributes surging claim costs in the United States to growing privacy litigation. The trend signals rising claim severity in the cyber insurance market despite lower frequency.

• Average cyber insurance losses increased at Chubb
• Claim frequency fell while severity rose
• Privacy litigation drives higher US claim costs