NAIC Report Show 2020 Premiums Grew 29.1% as Cyberthreats Rise
WASHINGTON (Nov. 8, 2021) The National Association of Insurance Commissioners (NAIC) released its Cyber Insurance report, utilizing data found within the Cyber Supplement, as well as alien surplus lines data collected through the NAIC’s International Insurance Department. The 2020 data shows a cybersecurity insurance market of roughly $4.1 billion reflecting an increase of 29.1% from the prior year. Insurers writing standalone cybersecurity insurance products reported approximately $2.58 billion in direct written premiums, and those writing cybersecurity insurance as part of a package policy reported roughly $1.49 billion in direct written premiums.
The top 20 U.S. groups writing standalone and package cyber insurance combined are listed in the table below.
|
2020 RANK |
2019 RANK |
GROUP NAME |
DIRECT WRITTEN PREMIUM |
LOSS RATIO W/DCC |
MARKET SHARE |
|
1 |
1 |
CHUBB LTD GRP |
$404,144,104 |
61% |
14.7% |
|
2 |
2 |
AXA INS GRP |
293,025,192 |
98.2% |
10.6% |
|
3 |
3 |
AMERICAN INTRNL GRP |
228,424,711 |
100.6% |
8.3% |
|
4 |
4 |
ST PAUL TRAVELERS GRP |
206,817,208 |
85.5% |
7.5% |
|
5 |
5 |
BEAZLEY GRP |
177,746,192 |
47.9% |
6.5% |
|
6 |
6 |
AXIS CAPITAL GRP |
133,549,784 |
46.2% |
4.8% |
|
7 |
7 |
CNA INS GRP |
119,612,168 |
105.7% |
4.3% |
|
8 |
10 |
FAIRFAX FINANCIAL |
108,687,558 |
55.7% |
3.9% |
|
9 |
11 |
HARTFORD FIRE 7 CAS GRP |
102,864,503 |
25.4% |
3.7% |
|
10 |
8 |
BCS INS GRP |
86,582,699 |
59.1% |
3.1% |
|
11 |
14 |
TOKIO MARINE HOLDINGS INC GRP |
78,160,355 |
51.1% |
2.8% |
|
12 |
12 |
SOMPO GRP |
72,588,641 |
114.1% |
2.6% |
|
13 |
13 |
ZURICH INS GRP |
64,430,818 |
40.4% |
2.3% |
|
14 |
9 |
LIBERTY MUT GRP |
41,856,727 |
30% |
1.5% |
|
15 |
18 |
APOLLO GLOBAL MGMT GRP |
39,338,993 |
29.6% |
1.4% |
|
16 |
15 |
BERKSHIRE HATHAWAY |
37,366,878 |
25.8% |
1.4% |
|
17 |
19 |
MARKEL CORP GRP |
29,736,405 |
38% |
1.1% |
|
18 |
28 |
EVEREST REIN HOL INC |
28,173,404 |
48% |
1% |
|
19 |
17 |
CINCINATTI FNCL GRP |
24,888,476 |
24.6% |
0.9% |
|
20 |
25 |
SWISS RE GRP |
23,654,519 |
42.6% |
0.9% |
“State insurance regulators recognize cybersecurity as one of the most important topics for the insurance sector and businesses today,” said David Altmaier, NAIC President and Florida Insurance Commissioner. “The NAIC is committed to developing new ways to monitor this evolving market to better address cyber risk.”
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.