The cyber insurance market has been growing steadily, but how big is it now and what is driving growth in this segment? Intelligent Insurer reports.
The US and global markets for cyber insurance are continuing to grow strongly – and this is likely to continue, albeit not at the same pace, seems to be the conclusion of various reports seeking clarity on this subject.
The US market for cyber insurance continued to grow in 2018, according to data from the NAIC’s Cybersecurity and Identity Theft Insurance Coverage Supplement published in August 2018.
Direct premiums written (DPW) grew 12.6 percent for standalone and packaged policies, while cyber premium volume surpassed $2 billion for the first time—more than double the amount in 2015. However, growth slowed from the two prior years, when industry DPW grew more than 30 percent.
NAIC, AM Best, Aon, MMC, Allianz, Cyber, Insurance, Reinsurance, North America, Global