Direct premiums written in the U.S. cyber insurance market have more than doubled over a four-year span, to $2.0 billion in 2018 from $996 million in 2015, as insurers have increased their writings and expanded product offerings to meet an ever-growing demand, according to a new AM Best special report.
In the new Best’s Market Segment Report, “Cyber Insurers Are Profitable Today, but Wary of Tomorrow’s Risks,” AM Best notes that growth has slowed from the two prior years, when direct premiums written grew by more than 30%. Direct premiums written in 2018 grew by 12.6% compared with the previous year. However, according to the report, market growth figures likely are understated given that a number of organizations utilize captive insurers to write cyber coverage.
A full complimentary copy of this report is available via the following link:
Best’s Market Segment Report: Cyber Insurance
AM Best will present a webinar, “State of the Cyber Insurance Market,” on Thursday, June 20, 2019, at 11 a.m. (EDT). During the event, AM Best analysts and market experts will explore the market growth, along with includes the companies that are most active in the line of coverage, the development of cyber modeling and how the insurance industry is positioned to cover those risks. To register for the complementary webinar, please visit http://www.ambest.com/webinars/cyber19.
In case you missed any of them, a summary selection of earlier Special Reports, Briefings and industry analysis published this year, is available here: Best’s Industry Research 2019.