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.
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