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NAIC Releases 3rd Annual Report on Cybersecurity Insurance and Identity Theft Coverage Supplement

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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.

 

About the NAIC

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. For more information, visit www.naic.org.

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