Cyber insurance explained
Does cyber insurance cover ransomware?
Every SME cyber policy we price pays towards a ransom demand, but not always to the full limit. Here is how much each one pays at each limit, from its proposal form.
What each policy pays towards extortion
| Limit | Allied World | Sompo | Great American |
|---|---|---|---|
| S$250,000 | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$981.00 a year | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$1,021.88 a year | 30% of the policy limit, within itS$981.00 a year |
| S$500,000 | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$1,308.00 a year | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$1,348.88 a year | 30% of the policy limit, within itS$1,308.00 a year |
| S$1,000,000 | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$1,635.00 a year | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$1,689.50 a year | 30% of the policy limit, within itS$1,635.00 a year |
| S$2,000,000 | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$2,071.00 a year | Full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excessS$2,139.13 a year | Not offered at this limit |
None of Allied World, Sompo and Great American is one of our featured insurers for cyber insurance, so we rank none of them: every insurer’s plans are shown, cheapest first. Every revenue and limit · Price your own business.
How these prices are worked out
The prices are the Standard Plan tables printed on each insurer’s own proposal form (Allied World SG-CYBER1023-PF (0625), Sompo Oct 24, Great American F.40323B (12/24)), premiums including GST, read on 2 Nov 2026. A Premier Plan is the Standard figure plus the 50% loading Allied World’s and Sompo’s forms state. The insurers price on the past twelve months' revenue, in five bands up to S$20,000,000, and the limit. An unlimited retroactive date (20% more at Allied World and Sompo) is not priced here. Nothing here is a live quote. Shenton Brokers is an insurance broker in Singapore. Every example is in a CSV file, updated daily.
Questions people ask
Does cyber insurance cover ransomware?
Every policy we price covers cyber extortion, within its limit: Allied World and Sompo pay network extortion full limit or S$1,000,000, whichever is lower, with 30% coinsurance above the excess; Great American pays cyber extortion 30% of the policy limit, within it.
What else does it pay after a ransomware attack?
The forensics team, restoring your data and systems, and the income you lose while you cannot trade (after the policy’s waiting period), each as its policy sets out. A ransom demand is handled through negotiators who do this for a living.
Can an insurer leave ransomware out?
Yes. Multi-factor sign-in on email and remote access, backups kept off the network, and software kept up to date are the questions on every proposal form. Without them, a quote may come with a higher excess, a lower limit or an exclusion for ransomware.
How do I buy it?
Each insurer sells through intermediaries, so a broker places it: Apply Now opens the insurer’s own proposal form on our site, filled in from your answers. The form asks about your business, the data you hold, your security controls and your loss history, and the insurer confirms the premium. Ask Shenton to arrange sends us the plan you picked and we arrange it for you.