NAIC Report Show 2020 Premiums Grew 29.1% as Cyberthreats Rise

News provided by

National Association of Insurance Commissioners

Nov 08, 2021, 16:07 ET

WASHINGTON, Nov. 8, 2021 /PRNewswire/ -- 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."

SOURCE National Association of Insurance Commissioners