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News Release

NAIC releases report on Cybersecurity

Nov. 8, 2021

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.