This is your ready index update for cyber through the first quarter of March 2022. And now with your update, Here's Dan Wentz. The average year over year renewal change increased 68% January 54.9% in February and 70.7% in March. On average during the first quarter 10% of accounts saw no increase 3% saw a one to 9% increase 8% saw a 10 to 19% increase, and 78% of accounts saw a 20% plus increase
in pricing. Your results may differ from these averages, and we have a full explanation of how we calculate these numbers at ready index.com. And by the way, cyber pricing is on the
rise in a big way. The percentage of cyber accounts with greater than 100% pricing increase was 28% in March 2022 versus just 4% in March 2021 19% versus 2% In February, and 24% versus 1% in January respectively, of the 72% of accounts in first quarter 2022 with a pricing increase greater than 20% 38% of the accounts had an increase of 50% or more. And now for cyber emerging issues.
Most underwriters are requiring a completed ransomware application multifactor authentication and fully implemented cybersecurity measures before binding new and renewal accounts. Acceptable cybersecurity measures include a backup solution disconnected or segregated from your network. Next Generation antivirus protection with endpoint detection and response email filtering solutions, multi factor authentication for privileged users email and
remote network access. Difficult cyber classes include healthcare real estate collection agents title escrow municipalities, schools managed service providers, utilities law firms technology including game developers and distributors, and any risk with a high number of
PII or p a chai records. Watch out for ransomware extortion sub limits including coinsurance, social engineering callback requirements, cybercrime that excludes third party funds escrowed short periods of restoration or indemnity from business income and or reputational harm related losses. The ready index leverages CRC group's collection of actionable data the wholesale industry's largest, it provides critical pricing analysis monthly giving you a snapshot of
the marketplace. The ready index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables and better results. And that is your cyber ready index update for first quarter 2022.