The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.
CYBER REDY INDEX - September 2021
MONTHLY RENEWAL PRICING ANALYSIS
CYBER RATES ARE ON THE RISE IN A BIG WAY
Percentage of Cyber Accounts with GREATER THAN 100% Pricing Increase
Of the 68% of accounts in September 2021 with a pricing increase greater than 20%, 48% were 50% or higher.
CYBER EMERGING ISSUES
- Underwriters are requiring a completed Ransomware application and fully implemented cybersecurity measures before binding new and renewal accounts.
Acceptable cybersecurity measures include a backup solution (disconnected or segregated from your network), next-generation anti-virus protection with endpoint detection & response, email filtering solutions, multi-factor authentication for remote network access.
- Difficult cyber classes include healthcare, real estate, collection agents, title/escrow, municipalities, schools, and any risk with a high number of PII or PHI records.
- Watch out for ransomware (extortion) sublimits including co-insurance, social engineering callback requirements, cybercrime that excludes third-party funds (escrowed), short periods of restoration, or indemnity from business income and/or reputational harm related losses.