Revealed – the top underwriters of cyber insurance

Revealed – the top underwriters of cyber insurance | Insurance Business Canada

Cyber

Revealed – the top underwriters of cyber insurance

Top five hail from different countries

Cyber

By
Terry Gangcuangco

Insuramore has ranked the top underwriters of cyber insurance based on gross direct premiums written (GDPW) in 2023.

Rank

Insurer group

Home country

Likely range of

GDPW, 2023 (US$

million)

Midpoint of

likely range of

GDPW, 2023

(US$ million)

Global market

share based

on midpoint,

2023 (%)

Beazley

1,025.0 – 1,075.0

1,050.0

6.68%

Chubb

Switzerland

900.0 – 1,150.0

1,025.0

6.52%

Munich Re

Germany

900.0 – 1,100.0

1,000.0

6.36%

AXA

France

815.0 – 865.0

840.0

5.34%

Fairfax Financial Holdings

Canada

625.0 – 775.0

700.0

4.45%

All other insurer groups / insurers

11,010.0 – 11,210.0

11,110.0

70.65%

Approximate global total

15,725.0

100.00%

Insuramore noted: “This analysis indicates that GDPW for cyber insurance can be estimated globally at just over US$15.7 billion in 2023, rising to more than US$16 billion if captive insurers are also included, and with the US continuing to account for over a half of the total once underwriters operating in Bermuda and at Lloyd’s of London are added to those based in the US itself.

“With regards to the competitive structure of the market, it shows that the top 20 groups for this class are likely to have accounted for 64.9% of premiums worldwide and the top 50 for 89.6%, down from a respective 70.3% and 92.3% in 2022. Beazley is likely to have been the global market leader with over US$1 billion in GDPW and was followed in descending order by Chubb, Munich Re, AXA, and Fairfax Financial Holdings.

“Overall, the research established that close to 300 insurer groups were underwriting cyber risks on a direct basis by the end of 2023.”

It was pointed out that, in aggregate, Lloyd’s syndicates may be estimated to have had GDPW for cyber insurance of around US$2.5 billion in 2023.

“Most of these syndicates belong to insurer groups that already feature in the ranking, hence Lloyd’s of London is not itself included in it apart from the Brussels-based and China-based companies belonging to the Society of Lloyd’s,” said Insuramore.

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