Pricing has retreated 22 per cent from its 2022 peak, with worldwide markets seeing the sharpest reductions. Insurers might want to develop exposures by roughly 15 per cent every year if premium targets are to be met. For Howden, the trail ahead lies in unlocking demand from underserved markets, with continental Europe on the forefront. Its survey of 1,200 enterprise leaders in France, Germany, Italy and Spain estimates the direct value of cyber incidents at €307 billion over the previous 5 years, but penetration stays under 30 per cent – nicely behind the UK.
