Cyber Insurance for Healthcare


The Betterley Report: Cyber Insurance for Healthcare Market Survey 2022

2022 Report Highlights


insurers analyzed


pages of insurance company comparison charts

Updates inside the full report include:
  • 97 pages with 26 different kinds of charts comparing 17 of the most prominent insurers writing cyber and privacy coverage for healthcare organizations
  • Analysis of the biggest story this year—the continuing ransomware attacks and the reasons for their increase
  • 2 new comparison charts addressing coverage for ransomware
  • A comparison of insurance company market appetite by specific healthcare segment
  • A summary of the trends for rates broken down by market size as well as the trends for deductible and self-insured retention sizes
  • Areas of opportunity regarding remediation coverage services
  • A look at how security assessment requirements are changing
  • A comparison of how each insurer covers deceptive funds transfer or social engineering
  • A chart addressing cyber coverage for media-related exposures
  • 10 specific coverages that are valuable in a cyber policy
  • Analysis of the concerning nature of the failure to maintain security standards exclusion
  • An overview of the types of risk management services offered by insurers

Why The Betterley Report?

Agents and Brokers—Find the best fit for your client by learning exactly what types of insureds each of the major insurers prefers writing, as well as the best way to contact each insurer. Some insurers prefer small companies, some prefer large companies, and some prefer companies in certain industry segments—save time and effort during the placement process by familiarizing yourself with this information beforehand.
Risk Managers and Insurance Buyers—Identify, eliminate, or avoid coverage gaps with coverage comparison charts.
Underwriters—Research competitors with quick policy comparisons.
Attorneys—Keep up with year-to-year trends in policy form development.
Consultants—Identify markets and match them up to your clients' needs.

Imagine that you or your client, a healthcare organization, is victimized by a major data breach, exposing thousands of medical records and other sensitive information. Along with the threat of serious bodily injury to patients, costs begin to rack up in the form of general remediation, data recovery, notification requirements, and, of course, significant lawsuits.

  • "What are the best insurance products available to protect against this circumstance?"
  • "How can financial losses be minimized?"
  • "How could my company (or my client) have been better prepared for this liability?"

Depending on whether you are the risk manager, the agent or broker, the consultant, or any other role, these are likely the questions you are asking yourself. Amplifying the significance of these questions is the especially sensitive nature of the information stored by healthcare organizations in particular.

The "Cyber Insurance for Healthcare Market Survey" edition of The Betterley Report compares and contrasts the options available in the insurance marketplace to address scenarios like this and sheds light on the specific knowledge that can help any risk management and insurance professional better address the cyber and privacy exposures of healthcare organizations

Following a general overview of the state of the cyber and privacy insurance market for healthcare organizations, the report dives into the trademark feature offered in each edition of The Betterley Report: incomparably detailed charts comparing the leading cyber and privacy liability insurers writing healthcare organizations. These comparison charts allow readers to see how each of the insurers stacks up with the others in terms of the following.

26 types of insurer comparison charts available in full report:

These comparison charts allow readers to see how each of the insurers stacks up with the others in terms of:

  • Contact and Product Information
  • Product Description
  • Market Focus—Healthcare Organizations
  • Market Focus—Managed Care Organizations
  • Capacity, Deductibles, Coinsurance, and Agent Access
  • Data Privacy: Types of Coverage and Limits Available
  • Data Privacy: Regulatory and Statutory Coverage Provided
  • Data Privacy: Payment Card Industry Coverage Provided
  • Data Privacy: Coverage Triggers
  • Data Privacy: Types of Data Covered
  • Data Privacy: Remediation Costs Covered
  • Data Privacy: Remediation Coverage Services
  • Coverage Extensions and (Sub)Limits Available for Cyber Insureds—Media Liability
  • Security Assessment by Third-Party Requirements
  • First-Party Coverage: Direct Damage and Business Interruption
  • Coverage for Loss Resulting from State-Sponsored or Terrorist Act
  • Theft (First-Party) Coverage
  • Theft (First-Party) Coverage—Deceptive Funds Transfer or Social Engineering
  • Extortion Ransomware Coverage
  • Third-Party Coverage: Bodily Injury and Property Damage
  • Third-Party Coverage
  • Claims Reporting, Extended Reporting Period, Selection of Counsel, Consent To Settle
  • Prior Acts
  • Coverage Territory
  • Exclusions
  • Risk Management Services

Sample Market Information from Full Report

Below is a small sample of the information that is available for each of the insurers via the 26 different types of charts included in the full report.

Data Privacy: Types of Coverage and Limits Available
Carrier Liability Remediation Fines and/or Penalties
Ascent Underwriting Up to policy limit Up to policy limit Up to policy limit—where insurable by law
First-party Coverage: Direct Damage and Business Interruption
Carrier Direct Damage to Equipment Destruction of Data Virus Extraction Business Interruption Denial of Services
Berkley Cyber Risk Solutions Available by endorsement subject to underwriting
Yes Yes—supplemental coverage includes reimbursement of costs and expenses to identify or remove software program errors, malware, computer viruses or vulnerabilities Yes Yes
Capacity, Deductibles, Coinsurance, and Agent Access
Carrier Capacity Available Deductible or SIR
(Minimum & Maximum)
Is Product Available to Retail Broker or to Wholesale Only
AIG $100 million Minimum retention $1,000 (First Response Coverage $0) Available to all licensed brokers appointed with AIG

Your Objective Source: A Renowned Industry Expert


Richard S. Betterley, LIA, is the president of Betterley Risk Consultants (BRC), an independent insurance and alternative risk management consulting firm. BRC, founded in 1932, provides independent advice and counsel on matters important to the commercial property and casualty insurance industry and its customers, alternatives to traditional insurance, and related services throughout the United States. It does not sell insurance or related services.

Mr. Betterley is a frequent speaker, author, and expert witness on specialty insurance products and related services. He is a member of the Professional Liability Underwriting Society. He joined the firm in 1975.

Mr. Betterley created The Betterley Report in 1994 to be the objective source of information about specialty insurance products. Now published six times annually, The Betterley Report is known for its in-depth coverage of management liability, cyber risk, privacy, intellectual property, and media insurance products.

Next Issue: December

Employment Practices Liability Insurance Market Survey

The Betterley Report, your independent guide to specialty insurance products, is a series of six comprehensive reports published annually by Betterley Risk Consultants and distributed by International Risk Management Institute, Inc. (IRMI).

The Betterley Report may be accessed by subscribers on IRMI Online or Vertafore ReferenceConnect. To purchase a subscription, call IRMI Client Services at (800) 827–4242 or learn more on

Betterley Risk Consultants is an independent insurance and alternative risk management consulting firm. Founded in 1932, it provides independent advice and counsel throughout the United States. It does not sell insurance nor provide insurance-related services.

Betterley Risk Consultants, Inc.
235 Forest Lake Rd. • Friendship, Maine 04547 
Phone (774) 262–3460
email: [email protected]

The editor has attempted to ensure that the information in each issue is accurate at the time it was obtained. Opinions on insurance, financial, legal, and regulatory matters are those of the editor and others; professional counsel should be consulted before any action or decision based on this matter is taken. Note: all product names referred to herein are the properties of their respective owners.

The Betterley Report is published six times yearly by Betterley Risk Consultants, Inc. This material is copyrighted, with all rights reserved. ISSN 1089–0513

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