Overview
The 2017 US Cyber Insurance Profits and Performance report reveals that, in an ‘unprecedented year’ for ransomware attacks, the US cyber insurance market continued to grow, with a total of 170 US insurers reporting writing cyber insurance – compared to 140 in 2016, and 119 in 2015.
The study shows that cyber remained a profitable line of business, as industry loss ratios decreased in 2017 – from 47.6 percent to 32.4 percent, mostly due to a reduction in severity. The US cyber market is still relatively concentrated, but new entrants are beginning to have a dilutive effect; in 2017, the top 10 cyber insurers accounted for 69 percent of direct written premiums – a reduction from 73 percent in 2016.
Based on data from NAIC Statutory filings, the report does not include US business written by non-US insurers and provides an incomplete picture of US insurers that write internationally.
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