US cyber-insurance rates increased more than 15% on average in the third quarter, bucking the composite commercial lines decline of 4.8%, according to Marsh.

The UK and Asia-Pacific regions posted the largest rate drops, followed by Europe, Latin America and the US.

“Ample capacity and a low level of catastrophic loss activity accounted for healthy underwriting results and satisfactory combined ratios,” Marsh’s Global Insurance Market Quarterly Briefing says.

Property insurance rates fell more than 5% on average, the biggest decline by product line, led by Asia-Pacific, then Europe and the US.

Casualty cover rates declined 2-4%, while financial and professional lines fell 5%.

The average cyber-insurance limit bought in the US surged past $US20 million ($27.65 million) for the first time, up more than 10% on the corresponding period last year.

Marsh says the data reflects growing awareness of the need for protection from cyber attacks.

“Cyber is a unique exposure… it continues to evolve and it is clearly here to stay,” Northeast US Finpro Leader and US E&O Leader Paul Denny said.

“Organisations that understand the nature of potential threats and their exposure to cyber attacks will be best suited to develop a comprehensive risk management strategy.”