KANSAS CITY, Mo. (Oct. 21, 2022)
Â鶹´«Ã½ Report Shows Premiums Grew 61% as Cyberthreats Rose in 2021
The Â鶹´«Ã½ (Â鶹´«Ã½) released its Cyber Insurance report, utilizing data found within the Cyber Supplement, as well as alien surplus lines data collected through the Â鶹´«Ã½â€™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:
2021 Rank |
2020 Rank |
Group Number |
Group Name |
Direct Written Premium |
Loss Ratio w/DCC |
Market Share |
|---|---|---|---|---|---|---|
| 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% |
| 6 | * | 3548 | Travelers Grp | 232,276,831 | 72.7% | 4.8% |
| 7 | 5 | 4942 | Beazley Grp | 200,877,555 | 38.7% | 4.2% |
| 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% |
| 13 | 12 | 3219 | Sompo Grp | 133,519,577 | 54.3% | 2.8% |
| 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% |
| 18 | * | 501 | Alleghany Grp | 88,554,222 | 20.5% | 1.8% |
| 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 Â鶹´«Ã½â€™s Cyber Insurance report in its entirety.
About the Â鶹´«Ã½
As part of our state-based system of insurance regulation in the United States, the Â鶹´«Ã½ (Â鶹´«Ã½) 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 Â鶹´«Ã½, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. Â鶹´«Ã½ staff supports these efforts and represents the collective views of state regulators domestically and internationally.