Interest in cyber insurance and risk continues to grow as a result of high-profile data breaches.
The Identity Theft Resource Center says there have been 1,140 breaches in 2017, so far (as of November 1), surpassing the 2016 record of 1,093 breaches. There have been 171.6 million records exposed so far in 2017. The business sector accounted for 52% of the 2017 breaches and 91% of records exposed.
These figures do not include the many attacks that go unreported. In addition, many attacks go undetected.
Breaches hit a new record in 2016, soaring to 1,093, up from 780 on 2015, but the number of records exposed fell to about 37 million from 169 million in 2015, according to the Insurance Information Institute.
The majority of the data breaches in 2016 affected the business sector, with 494 breaches or 45.2% of the total number of breaches. Medical/healthcare 9% of all breaches) and government/military breaches totaled 72 (6.6%), according to the Identity Theft Resource Center.
More than 60 cyberinsurance carriers
More than 60 carriers offer stand-alone policies in a market encompassing $2.75 billion in gross written premiums in 2015. By mid-2016 gross premiums written was estimated at $3.25 billion.
Here are the top 10 writers of cybersecurity insurance by direct premiums written in 2016, according to National Association of Insurance Commissioners (NAIC) data, sourced from S&P Global Market Intelligence and reported by I.I.I.:
10. Allied World Assurance Co.
Direct premiums written: $32,533,000.
As a percent of total: 2.4%
9. Liberty Mutual
Direct premiums written: $34,343,000.
As a percent of total: 2.6%
8. AXIS Capital Holdings Ltd.
Direct premiums written: $50,273,000.
As a percent of total: 3.7%
7. BCS Insurance Co.
Direct premiums written: $55,411,000.
As a percent of total: 4.1%
6. CNA Financial Corp.
Direct premiums written: $68,476,000.
As a percent of total: 5.1%
5. Beazley Insurance Co.
Direct premiums written: $83,908,000.
As a percent of total: 6.3%
4. Travelers Companies Inc.
Direct premiums written: $92,189,000.
As a percent of total: 6.9%
3. Chubb Ltd.
Direct premiums written: $133,599,000.
As a percent of total: 10%
2. XL Group Ltd.
Direct premiums written: $160,809,000.
As a percent of total: 12%
1. American International Group (AIG)
Direct premiums written: $228,325,000.
As a percent of total: 17.%