UK cyber insurance claims tripled in 2024
10/11/2025 | Financial Times
New data from the Association of British Insurers (ABI) reveals a sharp increase in cyber insurance payouts, with insurers paying at least £197 million in claims in 2024, more than triple the £60 million paid in the previous year. Meanwhile, the share of claims stemming from malware and ransomware attacks increased to 51% of the total, up from 32% the year before.
The data precedes several high-profile attacks earlier this year on major retailers, including Harrods and Marks & Spencer, and on manufacturer Jaguar Land Rover, the latter of which was not covered by cyber insurance.
Financial Conduct Authority (FCA) chief executive Nikhil Rathi has warned that the market is "massively underinsuring," urging more businesses to purchase cover, particularly to mitigate systemic risks that can hit the Treasury and cause public anger. Some industry bosses are advocating for the government to backstop the cyber insurance market by agreeing to cover the largest, potentially state-backed, losses to encourage private insurers to expand coverage.
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