News and Analysis

Allianz Commercial has warned cyber claims are increasing, largely due to a rise in data and privacy breaches. Large cyber claims greater than €1m rose by 14% in the first half of 2024, with severity increasing by 17%. Non-attack data privacy claims have also risen due to evolving regulations and increased sharing of personal information. Ransomware attacks remain a concern, but data privacy breach claims are becoming prevalent, particularly in the US, with class action litigation increasing. The insurance industry must focus on mitigating data privacy risks, the firm says.