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cyber insurance businessCNBC
•75% Informative
Warren Buffett and Berkshire Hathaway 's top insurance executive Ajit Jain recently warned of the potential for "huge losses" in cybersecurity insurance.
Buffett expressed concern about agents rushing to sign up cyber insurance clients without adequate actuarial data and risk analysis.
Cyber insurance is still a tiny if fast-growing market, making up only 1% of all policies written.
Industry analysts generally say while some of Berkshire 's caution is warranted, the general state of the cybersecurity insurance marketplace is stabilizing.
More insurers are entering the market because they have the tools and data to price the risk.
Berkshire CEO: "Each time you write a cyber insurance policy, you're losing money" Google Cloud says the majority of cyber losses can be prevented or mitigated through basic cyber hygiene.
Some experts say it is the ambiguity surrounding the industry's margins that has investors spooked.
Buffett: "You can write a lot of it. The agents like it. They're getting the commission on every policy they write. And cyber's an easy issue," Buffett said.
Griffin: " Probably Warren Buffet would have called cybersecurity insurance an opportunity when he was younger".
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