Some interesting data on cyber risk pricing from QCC;

The QualRisk Cyber Insurance Center (QCC) recently released its 2025 U.S. Cyber Insurance Monitor (UCIM).The report shows that for the first time since NAIC cyber insurance reporting began in 2018, admitted U.S. cyber insurance direct written premiums declined, which fell by 2.3% to $7.1 billion in 2024.

“The first-ever decline in top-line NAIC-reported premium is a clear indicator that the U.S. cyber insurance market has reached an inflection point,” said Daniel Kasper, CEO of QCC. “This shift reflects both slower growth in the underlying policyholder base and underwriting discipline, as carriers balance growth with profitability and respond to changing risk conditions in a still soft pricing environment.”

Market concentration remains largely unchanged: in 2024, the top 30 carrier groups controlled over 90% of total admitted direct written premium, while the top five carriers wrote over 30% of the admitted market. The largest books in the market at Chubb, Travelers, and Fairfax each held more than 5% market share, with Chubb leading at 8%. While traditional multiline insurers continue to dominate, cyber-focused MGAs such as Coalition, Resilience, and At-Bay are gaining market share, although not all of their premium is reflected or delineated in NAIC statistics, as much of their capacity is being provided by other insurers.

Key findings from the 2025 QCC U.S. Cyber Insurance Monitor:

  • First Premium Decline: The reported admitted U.S. cyber insurance premium fell by 2.3% to $7.1 billion in 2024, marking the first year-over-year decrease since 2018.
  • Market Size: The total U.S. cyber insurance reported premium stands at $7.1 billion for 2024 according to the NAIC. QCC estimates the total market, including alien insurers that do not report to the NAIC, at $10.5 billion in their latest Global Market Report (GMR). It should be noted that these numbers are not only pure cyber insurance and in some cases include other lines, notably Tech E&O.
  • Market Concentration: The top 30 carrier groups write over 90% of direct written premium; the top 10 write more than 50%, and the top 5 write 30%.
  • Profitability: The leading five carriers have a collective loss ratio of 41.8% for 2024, indicating healthy profitability for industry leaders.
  • Premium allocation varies across Primary, Excess, and Endorsement lines; e.g., The Hartford is a clear leader in endorsements (26% share of endorsement premium), while the top five primary (led by Chubb, 30% Top-5 share) and surplus writers (led by Starr, 26%) illustrate more competitive market structures.
  • Strategic focus varies: Insurers like Arch have diversified premium across all segments, while At-Bay (Primary), Fairfax (Surplus), and the Hartford (Endorsements) concentrate on single lines.

About the 2025 U.S. Cyber Insurance Monitor (UCIM)

The QCC 2025 U.S. Cyber Insurance Monitor delivers expanded analysis of NAIC cyber filings, including competitive segmentation. The report combines actionable market intelligence and subscribers also get access to the full underlying NAIC dataset, enabling custom queries and benchmarking. For more information on the UCIM, visit www.qualriskcyber.com/ucim or contact QCC under dataproducts@qualriskcyber.com.

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