NAIC Report — Premiums Grew Significantly in 2021
You can pick up cybersecurity insurance for your clients from the PIA Western Alliance. According to this report, it’s a hot insurance product. More on our product at the end of this story.
The National Association of Insurance Commissioners (NAIC) just released its now annual Cyber Insurance report. The report picked up data from the NAIC’s Cyber Supplement and reports it gathers internal sources on surplus lines sold internationally, the NAIC said in 2021 the cybersecurity insurance market totaled $6.5 billion.
That’s a jump of 61% over 2020.
Standalone cybersecurity insurers account for $4.5 billion of that total. The rest — $2 billion — is sold through insurers who also sell other lines of insurance. Insurers domiciled in the U.S. sold $4.8 billion in 2021. Insurers working internationally brought in $1.7 billion.
Here were the top cybersecurity insurers in 2021 according to the NAIC report:
1. Chubb 2021 rank: 1 2020 rank: 1 Direct written premium: $473.1 million Loss ratio w/DCC: 76.9% Market share: 9.8%
2. Fairfax Financial Group 2021 rank: 2 2020 rank: 8 Direct written premium: $436.5 million Loss ratio w/DCC: 51.9% Market share: 9.0%
3. AXA 2021 rank: 3 2020 rank: 2 Direct written premium: $421 million Loss ratio w/DCC: 86.5% Market share: 8.7%
4. Tokio Marine 2021 rank: 4 2020 rank: 11 Direct written premium: $249.8 million Loss ratio w/DCC: 43.8% Market share: 5.2%
5. American International Group (AIG) 2021 rank: 5 2020 rank: 3 Direct written premium: $240.6 million Loss ratio w/DCC: 130.6% Market share: 5.0%
6. Travelers 2021 rank: 6 2020 rank: No ranking Direct written premium: $232.3 million Loss ratio w/DCC: 72.7% Market share: 4.8%
7. Beazley 2021 rank: 7 2020 rank: 5 Direct written premium: $200.9 million Loss ratio w/DCC: 38.7% Market share: 4.2%
8. CNA 2021 rank: 8 2020 rank: 7 Direct written premium: $181.4 million Loss ratio w/DCC: 87.5% Market share: 3.8%
9. Arch Insurance Group 2021 rank: 9 2020 rank: No ranking Direct written premium: $171.9 million Loss ratio w/DCC: 9.2% Market share: 3.6%
10. AXIS Capital Group 2021 rank: 10 2020 rank: 6 Direct written premium: $159.1 million Loss ratio w/DCC: 105.2% Market share: 3.3%
The rest of the top 20:
11. Zurich 12. Liberty Mutual 13. Sompo Group 14. BCS Group 15. Hartford Fire & Casualty Group 16. Munich Re 17. Swiss Re 18. Alleghany group 19. WR Berkley Group 20. Berkshire Hathaway
As this report shows, cybersecurity insurance is a hot commodity these days. The PIA wants you and your clients to be protected. That’s why the PIA has created a robust cyber program that responds to the most common threats facing small and medium-sized businesses.
The PIA cyber insurance product has special PIA-only enhancements and is priced to sell.
Member agents selling the PIA cyber insurance receive 12.5% in sales commission. To learn more, click here — https://www.pianational.org/benefits/insurance-products-to-sell/pia-cyber-insurance.
The PIA enhanced cyber insurance policy covers both first-and third-party loss for the most common cyber risks such as social engineering, funds transfer fraud, ransomware, network interruption, data breach, network security, and media liability.
In addition to the seven coverage parts, PIA members’ clients are provided with special PIA enhancements and reduced rates compared to ABAIS’s standard program for social engineering coverage. |
