Insurance Journal and MyNewMarkets.com track hundreds of new insurance products and services every year. In 2012, the industry launched numerous new coverages, enhancements, and services focused on a few specific areas: cyber/data breach; cargo; and weather. This 2012 new market summary details the product trends in these top three segments, and how insurance companies are responding.Executive SummaryIn 2012, cyber/data breach, cargo, and weather got the most attention for carriers and managing general underwriters that announced new product launches, according to a review of the year’s activities by the editor of MyNewMarkets.com.
#1 – Cyber Services
The cyber insurance market has been a hot commodity, but a hard sell. However, insurers reported this year that awareness is finally increasing among all business segments, particularly for small to medium-sized enterprises. Smaller and regional carriers have also realized that marketing these products with value-added services like data breach mitigation and response efforts are a huge selling point.