Major retailers should expect higher rates and retentions and lower coverage limits for their cyber insurance following several major data breaches since spring 2013.
According to Business Insurance, major data breaches have increased demand for coverage, while many retailers are seeking increased coverage limits with mixed success.
In response, underwriters are asking more in-depth questions before agreeing to bind policies, which generally exclude retroactive coverage. While some insurers have stopped writing the coverage for big retailers, major cyber insurers generally remain in the business, experts say.
