Light Upon CYber insurance / © Amrae - 15 - Medium-sized companies Degradation of the Loss Ratio Largely positive since 2019, the results of medium-sized companies deteriorated in 2022 to reach the symbolic threshold of 100% LOSS RATIO. This deterioration is mainly due to the explosion of claims, the cost of which almost doubled between 2021 (€2.40M) and 2022 (€4.50M). The growth in the number of insured companies (+53% in 2022) combined with the growth in the overall volume of premiums (+84%) has not been able to absorb this drift in the claims experience. We can therefore expect to see insurers cleaning up their portfolio by tightening the conditions of access to cyber insurance, as they have already done in the large corporate market in 2020 and in the Mid-cap corporate market in 2021. This has allowed them, in both cases, to return to positive results. The average premium for the 492 insured companies is just under €9,200, up 27% from 2021. Medium-sized companies: claims deteriorate in S/P 36% 100% 7 6 5 4 3 2 1 - 120 90 60 30 - 2020 2021 2022 €M % n Premium n Disaster l Loss ratio 5 2 2 1 5 5 45%
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