NAIC Report Shows Premiums Grew 61% as Cyberthreats Rose in 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 2021 data shows a cybersecurity insurance market of roughly $6.5 billion, reflecting an increase of 61% from the prior year.
Insurers writing standalone cybersecurity insurance products reported approximately $4.5 billion in direct written premiums, and those writing cybersecurity insurance as part of a package policy reported roughly $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.
The table below presents the premium, loss ratios, and market shares for the top 20 U.S. domiciled insurer groups:
Direct Written Premium
Loss Ratio w/DCC
|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%|
|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%|
|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%|
|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%|
For additional information, read the NAIC’s Cyber Insurance report in its entirety.
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.