Stock illustration: cybersecurity

U.S. cyberinsurance premiums surged 50 percent in 2022, as increased ransomware attacks and online commerce drove demand for coverage. Premiums collected from policies written by insurers reached $7.2 billion in 2022 and tripled in the past three years, ratings firm AM Best said in a study released this week.

"Systematic risk is an ongoing concern," Fred Eslami, an AM Best associate director, said in a statement. "Ultimately, the coverage provided to insureds may be decided by the risk appetite of the insurer, and to a certain extent, the coverage that reinsurers are willing to provide."

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