Finally I can use my niche industry knowledge to give insights! The push for exclusion of Cyber coverage comes from the reinsurance industry. Until -2020 reinsurers would cover Cyber claims within the same contracts covering property, theft, etc. Lately the attitude changed mostly for two reasons:

1. The total amount of claims is growing rapidly, in particular in connection with ransomware.

2. Re-insurers are concerned about potential accumulation losses, e.g. a vulnerability that causes many instances of theft or fraud.

Now Cyber risks must be covered and priced separately, so that insurers and reinsurers can quantify more accurately their exposure.

The specific clauses are very similar across insurers and closely mirror the corresponding exclusion on the reinsurance contracts.