Cybersecurity continues to be crucial to the effective and efficient operation of US businesses. The financial services sector is especially susceptible to cyber threats for multifaceted reasons. Financial firms receive, maintain, and store financial information for their customers, while insurers also receive personal health information.
The National Association of Insurance Commissioners (NAIC) found that in 2018, approximately 500 insurers provided businesses and individuals with cyber insurance, with 96% of the insurers writing cyber insurance as part of a package policy.
According to the NAIC’s 2019 Cybersecurity Supplement Report, here are the 10 biggest groups in the standalone and package cyber insurance markets:
Standalone cyber insurance market
Insurers writing standalone cyber insurance products reported $1.11 billion in direct written premiums spread among 46 groups of insurers (140 individual insurers). The top 10 insurers wrote 82.3% of the total US market.
1. AXA
Direct Written Premiums: $255.9 million
Market Share: 23.0%
AXA is a multinational insurance and asset…
