Leading insurers in the U.S. 2019, by direct cyber security premiums written

The largest provider of cyber security insurance in the United States is Chubb Ltd, who wrote a total of 356.86 U.S. dollars in cyber security premiums in 2019.

Cyber security insurance

Cyber security insurance protects policy holders against risks associated with IT infrastructure and activities. The main causes of IT risks are physical loss or damage (for example from natural disasters), misuse by employees, and unauthorized access by third parties (generally through the internet). Each of these problems can generate costs from business interruption, replacement of IT infrastructure, and/or payment of compensation to victims. Computer crimes such as hacking, malware and viruses were the greatest source of cyber-security losses in the United States from 2013 to 2017, accounting for nearly half of all claims made.

The global cyber security insurance market

It is predicted that the global value of cyber security premiums written will triple between 2014 and 2020 to reach 7.5 billion U.S. dollars. However, the market is heavily concentrated in the United States, which accounted for 90 percent of all premiums written in 2016. This poses somewhat of a puzzle as to why the global market is not bigger, given the rapid growth of the internet and how it, by design, transcends international borders. A 2016 UK survey hints at answers to this question. Just over half of respondents believed their small- or medium-sized business did not need cyber security coverage, while a third of respondents were not aware of or did not understand how cyber security insurance works.

Leading insurance companies in the United States in 2019, by value of direct cyber security premiums written

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Source

Release date

April 2020

Region

United States

Survey time period

2019

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Statistics on "Cyber insurance"

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