Gallagher has launched a cyber risk advisory practice in the Middle East, widening its offer beyond placement as new capacity pushes regional cyber rates lower.
Marsh’s regional index shows cyber rates in the Middle East fell 5% to 10% in the second quarter of 2026, with capacity growth driven by new entrants. The fall was milder than India’s 25% to 30%, and the India, Middle East and Africa region as a whole recorded a 14% decline. Marsh’s global figure was a 4% fall, the twelfth consecutive quarterly decline.
Led by Sidharth Wahi, the new practice combines cybersecurity consulting, risk quantification and insurance expertise to help organizations assess potential losses, evaluate existing safeguards and strengthen their ability to respond to cyber incidents. It will serve clients in financial services, natural resources, power and construction, where growing reliance on interconnected digital and operational technologies has increased exposure to business interruption and other cyber losses.
A central focus is translating technical cybersecurity vulnerabilities into financial and operational risk, giving businesses a clearer basis for decisions on security investment, risk mitigation and resilience. The same assessments can show potential losses, retained risk and coverage needs, which bears directly on how much cyber cover a client buys and at what retention.
Gallagher said the practice will draw on its global cyber risk data and expertise to deliver locally tailored advice. It will work alongside the existing Middle East financial lines and cyber broking team, led by Daniel Miller, linking technical risk assessments to its established insurance capabilities.
Wahi has more than 20 years of experience across insurance, banking, consulting and technology, with leadership roles at HSBC, PwC and Balbix. He is an actuary specializing in enterprise risk management and quantitative modelling. He most recently served as vice president of product at Balbix, where he led development of an AI-native cyber risk and exposure management platform. At PwC he led model design for cyber, third-party and supply chain risk quantification, work aimed at putting a monetary value on cyber risk. Wahi said cybersecurity is no longer solely a technology concern but a fundamental business risk, and that Gallagher’s aim is to help organizations understand their exposure, strengthen their defences and make informed decisions about managing cyber risk.
Rates are falling while the threat is rising. In May, Gallagher said the UAE faces up to 800,000 cyberattacks a day, about 3.5 times the level before the regional conflict began. Marsh, which already offers cyber risk quantification that uses financial loss scenarios to inform decisions on insurance limits, risk retention and cybersecurity spending, is among the major brokers combining consulting with advisory services.
The global market is still sizable, though growth has cooled. Munich Re’s 2026 cyber survey estimated worldwide premiums at nearly US$15 billion in 2025 and projected about US$28 billion by 2030, noting that premium growth has slowed over the past three years.
