In mid-May, one of the largest insurance companies in the U.S. paid $40 million to ransomware attackers. Ransomware incidents accounted for 41% of cyber insurance claims filed in the first half of 2020 an increase of 260%. Many victims have cyber insurance policies that cover some, if not all, of the cost of paying a ransom. Insurers are concerned about the costs of recovery and business disruption if they pay the ransom. They arent in a position to measure the more difficult-to-measure costs of paying ransom.”]
Source: https://securityintelligence.com/articles/cyber-insurers-making-ransomware-worse/