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Uk insurers paid out £197m+ in cyber claims in 2024, up from £60m in 2023 The association of british insurers (abi) has released the latest data on motor insurance premiums, revealing a key change not seen in the uk market over the past two years. The abi has urged businesses to make cyber insurance a key part of their risk management strategy, as its latest figures show £197m was paid out to help organisations recover from cyber incidents in 2024.
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Insurers paid out £197m to the uk businesses hit by cyber incidents in 2024, according to data from the association of british insurers. It’s also the only collection that is based on the price customers pay for their cover rather than what they are quoted. The abi’s motor insurance premium tracker is the most comprehensive in the uk, analysing nearly 28 million policies sold a year
