21 May 2018Insurance

Chubb overtakes AIG, XL in cyber exposure

Chubb was the top US cyber insurer in 2017, rising past American International Group (AIG) and XL Catlin, according to AM Best.

Chubb’s cyber direct premiums written (DPW) grew 112.9 percent year on year to $284.4 million in 2017 representing 1.3 percent of total DPW, according to an AM Best special report examining the cyber insurance market. The cyber data includes standalone and packaged cybersecurity policies, but the majority (94.2 percent) of Chubb’s cyber underwriting were packaged policies, the agency noted.

AIG’s cyber DPW declined 0.3 percent to $227.6 million in 2017 representing 1.6 percent of total DPW. AIG has only underwritten standalone cyber insurance in 2017 and remained the largest standalone cyber insurer.

XL Catlin grew cyber DPW by 10.6 percent to $177.9 million in 2017 representing 4.0 percent of total DPW. Other insurers high in the US cyber ranking were Travelers, Beazley and CNA.

The total US P&C cyber DPW were $1.78 billion in 2017 representing 0.3 percent of total DPW.

For a third-straight year, Hartford Insurance Group held the most cyber policies in force at year-end, with 503.6 thousand, followed by Farmers Insurance Group with 185.8 thousand and Liberty Mutual Insurance Companies with 184.5 thousand.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

AmTrust CEO defies Icahn in go-private deal

Cyber major earnings driver for Beazley

1/1 renewals boost Africa Re growth

Castel Underwriting launches political risk book

US direct cyber market grows 32%

Crawford appoints former SCOR exec to Lloyd’s unit

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

21 May 2018   The US cyber market grew significantly in 2017 with direct premiums written by US property/casualty (P&C) insurers (excluding non-US and alien surplus lines insurers) rising nearly 32 percent year over year to $1.8 billion, according to AM Best.
24 May 2018   Amercian International Group (AIG) EMEA saw cyber claims go up significantly in 2017, reaching a total as high as in the previous four years combined, driven by ransomware attacks and cyber business interruption.
1 June 2018   Insurer Chubb has strengthened its energy industry practice with two new leadership appointments for the mid and large market segments.