WASHINGTON (Nov. 27, 2019) – The National Association of Insurance Commissioners (NAIC) released its 2019 Report on the Cybersecurity Insurance and Identity Theft Coverage Supplement. The report provides state insurance departments with data about cybersecurity insurance market developments. The report found the total U.S. market for insurance was about $3.6 billion, a 14.54% increase from the total market in 2017.
The report provides important information for state insurance regulators to track market growth and pinpoint areas where further regulatory oversight may be needed.
Highlights include:
• Direct written premium in the admitted market in 2018 for stand-alone cybersecurity insurance policies ($1.1 billion) increased by 12% from 2017.
• Direct written premium in the admitted market in 2018 for package cybersecurity insurance policies ($915 million) increased by 2% from 2017.
• Direct written premium in the surplus lines market in 2018 for stand-alone cybersecurity insurance policies ($1.2 billion) increased by 57% from 2017.
• Direct written premium in the surplus lines market in 2018 for package cybersecurity insurance policies ($368 million) decreased almost 15% from 2017.
The report is based on data from the Cybersecurity Insurance and Identity Theft Coverage Supplement. The report also includes data from surplus lines insurers.
The NAIC encourages comments on the report; send your comments or questions to researchrequest@naic.org.