Filed Under:Risk Management, Cybersecurity

Top 10 writers of cybersecurity insurance

By direct premiums written in 2016

More than 60 carriers offer stand-alone cyber policies. (Photo: Shutterstock)
More than 60 carriers offer stand-alone cyber policies. (Photo: Shutterstock)

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.

Related: 4 pitfalls to avoid in a cyber insurance policy 

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%

Website: alliedworldinsurance.com.

Related: Evolving cyberinsurance coverage for phishing attacks

Liberty Mutual Insurance

9. Liberty Mutual


Direct premiums written: $34,343,000.

As a percent of total: 2.6%

Website: libertymutual.com.

Related: 4 tips to sell more cyber liability policies to small businesses

Axis insurance logo

8. AXIS Capital Holdings Ltd.


Direct premiums written: $50,273,000.

As a percent of total: 3.7%

Website: axiscapital.com.

Related: What to expect: the cyber liability insurance application process

BCS Insurance

7. BCS Insurance Co.


Direct premiums written: $55,411,000.

As a percent of total: 4.1%

Website: bcsins.com.

Related: The cyber liability insurance market rises

CNA Financial Corp.

6. CNA Financial Corp.


Direct premiums written: $68,476,000.

As a percent of total: 5.1%

Website: cna.com.

Related: Equifax's insurance said likely to be inadequate against breach

Beazley insurance logo

5. Beazley Insurance Co.


Direct premiums written: $83,908,000.

As a percent of total: 6.3%

Website: beazley.com.

Related: Company cyberinsurance — the supply chain dilemma

Travelers Insurance logo

4. Travelers Companies Inc.


Direct premiums written: $92,189,000.

As a percent of total: 6.9%

Website: travelers.com.

Related: U.S. cyber insurance continues to grow, according to Fitch Ratings

Chubb logo

3. Chubb Ltd.


Direct premiums written: $133,599,000.

As a percent of total: 10%

Website: chubb.com.

Related: Cyber insurance claims: What happens when a breach occurs?

XL Group Ltd. logo

2. XL Group Ltd.


Direct premiums written: $160,809,000.

As a percent of total: 12%

Website: xlgroup.com.

Related: 7 challenges insurers face in the cyber insurance market

AIG logo

1. American International Group (AIG)


Direct premiums written: $228,325,000.

As a percent of total: 17.%

Website: aig.com.

Related: Cyber (in) security: Can insurance solutions keep pace with threats?

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