Of the practically 4.8 billion US cyber insurance coverage premiums in 2021 by the property and casualty (P&C) trade, greater than 81% got here from the highest 20 cyber insurers within the US market, led by international insurer Chubb.
Based mostly on analysis knowledge from ranking company AM Finest, our listing of the highest 20 US cyber insurers ranks carriers by whole single and packaged cyber insurance coverage direct premium written (DPW) as of 2021.
General, the highest 20 US cyber insurers have DPW underwriting of greater than $3.9 billion in 2021.
As of 2020, Chubb tops the checklist with a 2021 DPW of $473.1 million, representing a year-on-year progress of practically 10%, resulting in a 9.9% market share.
Fairfax rose from eighth on the checklist in 2020 to second in 2021 with a DPW of $436.4 million, a rise of over 302% over the earlier 12 months, leading to a market share of 9.1%.
AXA XL, in third place, fell one place with a DPW of $421 million, though this nonetheless represented a year-over-year enhance of about 44%, with the agency’s market share of 8.8% as of the top of 2021.
Fourth place sits Tokyo Marine with a DPW of US$249.8 million, a powerful progress of 189%, leaving the agency with a market share of over 5%.
AIG fell from third place in 2020 to fifth in 2021 with a DPW of $240.6 million, supported by progress of over 5%, because the insurer ended 2021 with a 5% market share.
So as, the highest 10 the rest embrace: passengers with a DPW of $232.2 million; Beasley USA with a DPW of $20.9 million; CNA Insurance coverage with a DPW of $181.4 million; Arch Insurance coverage with a DPW of $171.2 million; and Axis with a DPW of US$159.1 million.
By way of reinsurers, Munich Re US and Swiss Re Group are ranked sixteenth and seventeenth respectively. With a DPW of $120 million in 2021 on a considerable 572 % year-on-year progress, Munich Re US moved to the twenty fifth place in 2020.
Development in Swiss Re was additionally spectacular at 339%, leading to a DPW of $103.8 million in 2021, because the agency moved up from twentieth in 2020.
Because the desk reveals, year-on-year, not one of the high 20 US cyber insurers reported a decline in DPW in 2021 in comparison with the earlier 12 months, a mirrored image of a tighter market atmosphere.
Based on insurance coverage and reinsurance dealer Aon, US cyber insurance coverage premiums reported to the NAIC elevated by 76% in 2021.
The worldwide cyber market is predicted to develop quickly within the coming months and years, and with rising costs because the shrinking provide of protection fails to satisfy the rising demand, that is seen as an actual alternative for carriers.
However whereas the sector reveals engaging progress alternatives, there’s nonetheless an absence of expertise and knowledge, with a view that extra must be finished to completely perceive the dangers related to cyber.
The cautious method by many has created a provide/demand imbalance within the cyber sector, with reinsurers presently reluctant to satisfy the rising demand for cyber danger safety.