Cyber Insurance Growth over 92% between 2020 and 2021 »

CYBER INSURANCE GROWTH OVER 92% BETWEEN 2020 AND 2021

Cyber premiums are skyrocketing. S&P Global Market says direct written premiums for standalone policies rose 92.3% between 2020 and 2021. Dollar-wise, 2021 hit $3.15 billion. The 2020 income was $1.64 billion.

Big difference.

Axis Capital Holdings Ltd. CEO Albert Benchimol says cyber is definitely in a hard market cycle. Fitch Ratings calls it the fastest growing of all U.S. property and casualty insurers. The ratings firm says rates jumped in 2021 because of hyper claims activity. It’s considerably higher than other lines of commercial insurance.

Fairfax Financial Holdings was the biggest beneficiary of that hard market, and it wrote $436.3 million in premiums in 2021.

That’s a jump of 302% over 2020’s $108.4 million.

Benchimol said the average rate increase in the first quarter of 2022 was almost 70%. He noted in some cases the rate increase hit over 100%. Axis — he points out — also did very well and the $144 million in premiums is a 60% jump between 2020 and 2021.

When it comes to cyber packages, they increased 47.6% between 2020 and 2021 to $1.68 billion from $1.14 billion. Chubb is the top underwriter. It gained over $70 million and went from $404.1 million in 2020 to $473.1 million in 2021.

That’s a 17.1% hike.

Source: S&P Global

Flying in 2022: The Not-So-Friendly Skies

Since COVID hit close to two-years ago, flying has been an adventure.

In some cases, it’s an adventure we can all live without. Here’s why. The U.S. Department of Transpiration’s Bureau of Transportation Statistics (BTS) said as of the end of February this year, 18% of flights have been delayed 15-minutes or longer.

Over 5% of them were canceled outright.

Travel experts say it’s important to know who you are dealing with when flying. Delays and cancellations — as we all know — can cause huge problems. And tying this story to insurance, it’s a great reason to purchase travel insurance. When it comes to delays and cancellations, it’s a must.

Here are 11 airlines who — the data says struggle this year when it comes to delays and cancellations. The list goes from worst to better.

1. Southwest Airlines

2022 reliability rating: 7.84 out of 50 2021 reliability rating: 26.8 Overall ranking for 2022: number 11 with a score of 30.60 out of 100

2. Frontier Airlines

2022 reliability rating: 13.18 out of 50 2021 reliability rating: 15.70 Overall ranking for 2022: number 8 with a score of 50.65 out of 100

3. American Airlines

2022 reliability rating: 14.24 out of 100 2021 reliability rating: 17.55 Overall ranking for 2022: number 10 with a score of 41.40 out of 100

4. Envoy Air

2022 reliability rating: 16.52 out of 50 2021 reliability rating: 9.31 Overall ranking for 2022: number 4 with a score of 60.46 out of 100

5. JetBlue Airways

2022 reliability rating: 30.99 out of 50 2021 reliability rating: 24.99 Overall ranking for 2022: number 9 with a score of 43.34 out of 100

6. Spirit Airlines

2022 reliability rating: 19.99 out of 50 2021 reliability rating: 25.26 Overall ranking for 2022: number 5 with a score of 59.22 out of 100

7. Alaska Airlines

2022 reliability rating: 20.28 out of 50 2021 reliability rating: 18.37 Overall ranking for 2022: number 3 with a score of 61.04 out of 100

8. Skywest Airlines

2022 reliability rating: 21.17 out of 50 2021 reliability rating: 18.47 Overall ranking for 2022: number 6 with a score of 57.01 out of 100

9. United Airlines

2022 reliability rating: 26.67 out of 50 2021 reliability rating: 26.76 Overall ranking for 2022: number 7 with a score of 56.30 out of 100

10. Hawaiian Airlines

2022 reliability rating: 30.44 out of 50 2021 reliability rating: 23.65 Overall ranking for 2022: number 2 with a score of 67 out of 100

11. Delta Air Lines

2022 reliability rating: 30.99 out of 50 2021 reliability rating: 24.99 Overall ranking for 2022: number 1 with a score of 70.48 out of 100

Source: PropertyCasualty360.com