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Cyber insurance market is shifting toward more specialized personal products
A cyber practice leader at NFP, an Aon company, said the market is maturing rather than simply hardening or softening as new risks like AI and scams drive product evolution.
Insurance Business reports that in a conversation tied to Insurance Fest 2026, Mila Araujo, cyber insurance practice leader at NFP, an Aon company, described the personal cyber insurance market as “maturing,” not purely hardening or softening. She said brokers are seeing different products emerge as coverage evolves with changing risk priorities.
The outlet highlighted that AI is a central focus in how insurers and brokers are thinking about cyber risk, with AI also framed as a potential tool as well as a threat in the market’s next phase. The discussion also covered other fraud and scam categories such as deepfakes and crypto scams, pointing to how specific risks are shaping product development.
Araujo also indicated that as the set of top risks evolves, the insurance offering has to evolve with it, describing the market transition as ongoing product adaptation rather than a single direction shift.