According to Advisen research, the number of new cyber insurance products unveiled in 2013 was almost 20 percent higher than in the prior year period.
Cyber insurance carriers announced 38 new cyber-related products in 2013 compared with 32 in 2012, based on insurance company press releases sent to Advisen.
In 2013, two underwriting agencies unveiled three new products each: Ascent Underwriting and Ryan Specialty via ThinkRisk and WKFC.
In 2012, the two most prolific new producers were Markel and NAS.
The first three months of 2013 was the outstanding innovation quarter, with almost 13 new cyber insurance products announced, followed by Q3 2013, with just over 10 new products launched on the market.
In 2012, the busiest quarters for new cyber insurance products were Q3 and Q4 with 9 and 10 new products, respectively.
The next tier of cyber innovators, launching 2 new cyber insurance products each in 2013, were Arch, Aspen, BRP, CFC Underwriting, OneBeacon, The Hartford and Travelers, according to Advisen data.
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