Gallagher Expands Middle East Cyber Advisory Amid Falling Premiums
Gallagher introduced a cyber-risk advisory unit for the Middle East, broadening its offerings while fresh insurance capacity drives regional cyber premiums down in the region.
According to Marsh’s latest regional data, cyber insurance costs in the Middle East dropped by 5% to 10% during the second quarter of 2026, largely due to increased competition from new providers entering the market. This reduction was less severe than the 25% to 30% decline seen in India, though the broader India, Middle East and Africa region still experienced a 14% overall decrease. Globally, Marsh reported a 4% drop in cyber rates, extending a streak of twelve straight quarters of falling prices.
Market Trends Driving New Advisory Services
The new practice, led by Sidharth Wahi, integrates cybersecurity consulting, risk quantification and insurance expertise. It helps organizations assess potential losses, evaluate existing safeguards and improve responses to cyber incidents. It targets clients in financial services, natural resources, power and construction sectors, where increased reliance on digital and operational technologies has heightened exposure to business interruption and other cyber losses.
A key focus is converting technical cybersecurity vulnerabilities into financial and operational risk, providing businesses with clearer guidance for security investments, risk mitigation and resilience building. Assessments reveal potential losses, retained risk and coverage requirements, directly influencing how much cyber cover a client purchases and at what retention level.
Gallagher announced that its new advisory service will use its worldwide cyber risk insights to provide customized guidance for local businesses. The initiative will partner with the existing Middle East financial lines and cyber broking unit, overseen by Daniel Miller, to bridge technical risk evaluations with the firm’s established insurance solutions.
Leadership and Expertise Behind the Practice
Wahi brings over 20 years of experience across insurance, banking, consulting and technology, with leadership roles at HSBC, PwC and Balbix. As an actuary specializing in enterprise risk management and quantitative modeling, he most recently served as vice president of product at Balbix, leading development of an AI-native cyber risk and exposure management platform. At PwC, he headed model design for cyber, third-party and supply chain risk quantification, aiming to assign monetary values to cyber risk.
Wahi emphasized that cybersecurity is now a core business risk rather than just a technical issue, stating that Gallagher’s goal is to help companies evaluate their vulnerabilities, enhance their protections, and base cyber risk decisions on solid data.
Rates are falling while threats are rising. In May, Gallagher reported the UAE faces up to 800,000 cyberattacks a day, about 3.5 times the level before the regional conflict began. It, which already offers cyber risk quantification using financial loss scenarios to inform decisions on insurance limits, risk retention and cybersecurity spending, is among major brokers combining consulting with advisory services.
Despite a slowdown in expansion, the global cyber insurance market remains substantial. Munich Re’s 2026 report estimated worldwide premiums reached nearly $15 billion in 2025, with projections of about $28 billion by 2030, though growth has softened over the past three years.
