Cyber insurance direct written premium volume for the property& casualty (P&C) industry grew by 35% in 2016 to $1.35billion, according to "Cyber Insurance Market Share andPerformance," a new reportfrom Fitch Ratings.

Cyber exposure

Fitch notes that the $1.35 billion figure likely underestimatesthe industry's cyber premium exposure as there are inherentchallenges to breaking out cyber-related premium from othercoverages in multi-line coverage products.

"Take-up rates for cyber insurance are increasing with frequentreports of computer hackingincidents, including: network intrusions and datatheft, as well as high-profile ransomware attacks that are leadingcorporations to search for broader insurance protection againstcyber threats," said Jim Auden, managing director, FitchRatings. 

Largest cyber writers

The largest cyber insurance writers areAmerican International Group,Inc., XL Group Ltd, and ChubbLimited. These companies had a combined market share ofapproximately 40% at year-end 2016. The top 15 writers of cyberheld approximately 83% of the market in 2016. However, over 130distinct insurance organizations reported writing cyber premiumsfor the year. 

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].