Larger companies more likely to buy cyber cover: Marsh

Large companies continue to be more likely than smaller ones to purchase cyber insurance, says Marsh LLC in a report issued Thursday.

Last year, 47% of Marsh clients with annual revenues of more than $1 billion purchased the coverage, compared with 34% of smaller clients, the broker said in its U.S. Cyber Purchasing Trends report.

In 2022, Marsh’s U.S. education clients had the highest take-up rate for cyber insurance, at 60%, followed by health care at 56%.

Between 2020 and 2022, Marsh’s U.S. financial institutions and life sciences clients saw the largest change in cyber take-up rates, with both increasing by 20%.