Ransomware claims costly but stabilized in 2024, Coalition

Coalition's 2025 Cyber Claims Report, which offers information on emerging cyber trends and data on Coalition policyholders, found that ransomware claims stabilized in 2024. Ransom demands, the most costly and disruptive cyber incidents, according to Coalition, dropped 22% to an average of $1.1 million, and 44% of policyholders victim to a ransomware attack paid the ransom.

The report reveals that 60% of cyber claims started from business email compromise and funds transfer fraud, a trend that Coalition has seen in the last three years. There was a 7% decrease in global claims frequency, however, and claims severity remained stable. Ransomware claims frequency went down 3%, and severity decreased by seven percent.

"While overall claims have stabilized, cyber attackers, and ransomware actors in particular, still pose a tremendous threat to businesses, with the average demand still in the millions of dollars. Unfortunately, ransomware is already back with a vengeance in 2025, as March held the highest volume of public ransomware cases of all time," said Robert Jones, global head of claims at Coalition, in a press release. "Coalition continues to be an active partner in the fight against bad actors. We alert our policyholders to vulnerabilities in their networks, risky security practices, and the best ways to mitigate threats to reduce the impacts of cyber attacks."

The growth of cyber risk over the past decade is one of the most significant changes to the insurance industry, according to the ReSource Pro report, "Insurance in 2035." On average, a cyberattack occurs every 39 seconds, or 2,220 times a day, leading analysts to predict that the insurability of cyber risk will only become more difficult in the next ten years.

"The insurance industry is undergoing a structural transformation. These shifts create huge opportunities for those willing to lead, not follow," said Mark Breading, senior partner at ReSource Pro and lead report author.