Premiums Grew by 61%
CyberSecurity Premiums Skyrocketed Over Past Year
In honor of CyberSecurity month, The National Association of Insurance Commissioners (NAIC) has released its annual list of the top 20 Cyber Insurance companies in the country. Utilizing data from Cyber Supplement, as well as alien surplus lines data collected through the NAIC’s International Insurance Department, the Association has tallied the top 20 largest insurers based upon Direct Written Premiums .
Premium & Market Share
The Cyber Insurance marketplace continues to explode with the latest data showing premiums in the cybersecurity marketplace growing to $6.5 billion, representing an increase of 61% from the prior year. Of that amount, standalone cybersecurity insurance products reported approximately $4.5 billion in direct written premiums, while cybersecurity products written as part of a package policy brought in about $2 billion in direct written premiums.
U.S. domiciled insurers wrote $4.8 billion in direct written premiums, while alien surplus lines insurers wrote $1.7 billion in direct written premiums.
Growth of the U.S. Cyber Insurance Market Since 2015
The following is a simple chart outlining the growth in Direct Written Premiums in this sector since 2015. The total Direct Written Premiums number for each year reflects all Standalone and Premium Package premium from both U.S. Domiciled Insurers as well as Alien Surplus Lines.
| Year | Total Direct Written Premium |
|---|---|
| 2015 | $1,415,843,707 |
| 2016 | $2,383,337,575 |
| 2017 | $3,087,235,601 |
| 2018 | $3,156,551,563 |
| 2019 | $3,356,872,418 |
| 2020 | $4,056,128,805 |
| 2021 | $6,543,176,810 |
The Top 20 Cyber Insurance Companies in the U.S.
The following is a ranking of both the top individual insurers for Standalone Cyber as well as Packaged Cyber Insurance Products. The top 20 wrote approximately 83% of the cyber insurance marketplace in 2021, almost the same percentage as in 2020. According to the NAIC, six insurer groups moved into the top 20 for the first time in 2021.
| 2021 Rank | 2020 Rank | Group Number | Group Name | Direct Written Premium | Loss Ratio w/DCC | Market Share |
|---|---|---|---|---|---|---|
| 1 | 1 | 626 | Chubb Ltd Grp | 473,073,308 | 76.9% | 9.8% |
| 2 | 8 | 158 | Fairfax Fin Grp | 436,447,801 | 51.9% | 9.0% |
| 3 | 2 | 968 | AXA Ins Grp | 421,013,729 | 86.5% | 8.7% |
| 4 | 11 | 3098 | Tokio Marine Holdings Inc Grp | 249,785,218 | 43.8% | 5.2% |
| 5 | 3 | 12 | American Intl Grp | 240,613,748 | 130.6% | 5.0% |
| 6 | * | 3548 | Travelers Grp | 232,276,831 | 72.7% | 4.8% |
| 7 | 5 | 4942 | Beazley Grp | 200,877,555 | 38.7% | 4.2% |
| 8 | 7 | 218 | CNA Ins Grp | 181,382,785 | 87.5% | 3.8% |
| 9 | * | 1279 | Arch Ins Grp | 171,944,995 | 9.2% | 3.6% |
| 10 | 6 | 3416 | AXIS Capital Grp | 159,059,212 | 105.2% | 3.3% |
| 11 | 13 | 212 | Zurich Ins Grp | 151,865,004 | 76.9% | 3.1% |
| 12 | 14 | 111 | Liberty Mut Grp | 138,216,723 | 95.2% | 2.9% |
| 13 | 12 | 3219 | Sompo Grp | 133,519,577 | 54.3% | 2.8% |
| 14 | 10 | 23 | BCS Ins Grp | 132,043,119 | 80.1% | 2.7% |
| 15 | * | 91 | Hartford Fire & Cas Grp | 123,163,166 | 16.3% | 2.6% |
| 16 | * | 361 | Munich Re Grp | 119,989,106 | 69.0% | 2.5% |
| 17 | 20 | 181 | Swiss Re Grp | 103,827,837 | 32.7% | 2.2% |
| 18 | * | 501 | Alleghany Grp | 88,554,222 | 20.5% | 1.8% |
| 19 | * | 98 | WR Berkley Corp Grp | 81,249,260 | 36.9% | 1.7% |
| 20 | 16 | 31 | Berkshire Hathaway Grp | 71,365,401 | -0.5% | 1.5% |
