Cyber Insurance Statistics: U.S. Premiums Fell for the First Time in 2024 as Loss Ratios Turned Back Up
Cyber insurance statistics from insurers’ NAIC regulatory filings show U.S. cyber premiums fell 7.1% to $9.14B in 2024, the first drop on record, after rising 142% from 2020 to 2023. Policies in force held at 4.37 million, and the top-20 insurers’ loss ratio, which fell from 67% to 45% after the rate spike, rose to an estimated 51%.
We built this scorecard from every National Association of Insurance Commissioners (NAIC) annual report on the cyber insurance market we could retrieve, covering data years 2015 through 2024. The NAIC compiles them from the Cybersecurity Insurance Supplement that U.S.-domiciled insurers file with their annual statements, plus premium data for alien (non-U.S.) surplus lines insurers. We transcribed the figures from each report, used the latest restated value for every year, and computed the shares, per-policy premiums and loss ratio estimates below ourselves.
Cyber insurance premiums and loss ratios by year
U.S.-domiciled insurers Alien surplus lines insurers Top-20 group loss ratio (right axis; hollow points and * are our estimates)
Bars: U.S. cyber direct written premium in billions of dollars. Alien surplus lines data were not collected for 2015. Loss ratio: direct losses plus defense and cost containment over premium for the 20 largest groups, as reported by the NAIC for 2017 to 2022; 2023 and 2024 are our premium-weighted average of the NAIC’s published top-20 group ratios. Source: NAIC annual cyber insurance market reports.
From 2016, the first year with alien surplus lines data, to the 2023 peak, premium grew 4.1 times, from $2.38B to $9.84B. Premium went from $1.42B in 2015 (U.S.-domiciled insurers only) to $3.36B in 2019, then jumped 61% in 2021 and 48% in 2022 to $9.69B. Growth then stopped: +1.6% in 2023 and -7.1% in 2024.
Did premium growth stall after the 2021 to 2022 rate spike?
Yes, and the slowdown is a price story more than a demand story. Dividing domestic premium by domestic policies in force gives a rough average premium per policy. It sat between $677 and $726 from 2017 to 2020, rose 171% to $1,856 by 2022, then eased 13% to $1,621 in 2024. Meanwhile the policy count grew 11.7% in 2023 before flattening. In 2023, more policies at lower average prices kept premium flat. In 2024, the count stopped growing and premium fell.
Are cyber insurance loss ratios falling?
They fell, and now they are rising again. The loss ratio for the top 20 groups climbed from 32.4% in 2017 to 66.9% in 2020, a rise the NAIC’s 2022 report attributes primarily to sizable ransomware claim payments. Prices then rose faster than losses, and the ratio dropped to 44.6% in 2022. The NAIC stopped publishing an aggregate ratio after that, but it still publishes each top-20 group’s ratio. Weighting those by premium, we get 42.8% for 2023 and 50.8% for 2024.
Two checks support the direction. First, our method reproduces the NAIC’s own figure within 2.0 points for 2020 to 2022 (2020: 68.5% vs 66.9%, 2021: 65.9% vs 66.4%, 2022: 46.6% vs 44.6%). Second, Starr reported a 0.0% ratio in 2023 and 96.3% in 2024; leaving Starr out still shows a rise, from 44.9% to 48.5%. AM Best’s 2026 report puts the industry-wide ratio at 53.0% in 2025, up 4.3 points and the second consecutive annual increase, which implies about 48.7% for 2024. Pricing caught up with losses in 2021 and 2022; since then premium per policy has eased while the loss ratio has climbed back. For the threat side of that equation, compare our five-year trend in ransomware reported to the FBI.
Stand-alone vs package cyber insurance
Stand-alone cyber policy Cyber coverage in a package policy
Share of direct written premium, U.S.-domiciled plus alien surplus lines insurers. *2015 is U.S.-domiciled insurers only, and about 45% of that year’s package premium was an NAIC extrapolation. 2022 shares use the split published in the 2023 report, before a small restatement of the domestic total.
Stand-alone policies went from 34% of reported premium in 2015 to 74% in 2022 and 70% in 2023. Package cyber premium also grew, from $1.02B in 2016 to $2.91B in 2023, but far more slowly than stand-alone premium, which rose from $1.36B to $6.93B.
From the 2024 data year, the supplement replaced the two-way split with primary, excess and endorsement. The NAIC says “packaged” was meant to mean cyber written as an endorsement, so the 4% endorsement share is not a collapse from the 30% package share of 2023. It is a cleaner definition. What the new split does show is how thin endorsement cover is: endorsements are 55.1% of policies but 4% of premium, while primary policies are 41.6% of policies and 65% of premium. On those rounded shares, the average primary policy carries about 22 times the premium of the average endorsement.
Top cyber insurance companies by premium
The 2024 league table below ranks groups by U.S. cyber direct written premium among U.S.-domiciled insurers, the basis the NAIC uses. Market share is our calculation against the $7.08B domestic total. Lloyd’s and other alien surplus lines carriers are not in this table.
| Rank 2024 | Group | Direct written premium | Share of domestic market | Loss ratio with DCC | Rank 2023 | Rank 2020 | Premium vs 2022 |
|---|---|---|---|---|---|---|---|
| 1 | Chubb | $561M | 7.9% | 36.1% | 1 | 1 | -7% |
| 2 | Travelers | $535M | 7.6% | 54.0% | 4 | 4 | +70% |
| 3 | Fairfax Financial | $361M | 5.1% | 39.7% | 3 | 8 | -36% |
| 4 | Tokio Marine | $356M | 5.0% | 43.5% | 5 | 11 | -3% |
| 5 | AXA | $340M | 4.8% | 36.0% | 2 | 2 | -35% |
| 6 | Arch | $285M | 4.0% | 41.7% | 7 | >20 | -18% |
| 7 | At-Bay | $281M | 4.0% | 55.8% | 32 | >20 | n/a |
| 8 | AIG | $277M | 3.9% | 49.3% | 8 | 3 | -8% |
| 9 | Sompo | $263M | 3.7% | 57.8% | 9 | 12 | +6% |
| 10 | Starr | $255M | 3.6% | 96.3% | 10 | >20 | n/a |
| 11 | CNA | $240M | 3.4% | 74.8% | 11 | 7 | +5% |
| 12 | AXIS Capital | $205M | 2.9% | 26.7% | 14 | 6 | +5% |
| 13 | AmTrust | $202M | 2.9% | 48.3% | 18 | >20 | n/a |
| 14 | Berkshire Hathaway | $188M | 2.6% | 85.7% | 6 | 16 | -18% |
| 15 | Hartford | $186M | 2.6% | 11.5% | 16 | 9 | +22% |
| 16 | Beazley | $185M | 2.6% | 9.2% | 19 | 5 | +6% |
| 17 | QBE | $184M | 2.6% | 89.3% | >20 | >20 | n/a |
| 18 | Liberty Mutual | $170M | 2.4% | 70.7% | 15 | 14 | -18% |
| 19 | Zurich | $168M | 2.4% | 78.3% | 13 | 13 | -33% |
| 20 | Ascot | $157M | 2.2% | 45.2% | 17 | >20 | -6% |
DCC: defense and cost containment expenses. Group names shortened from NAIC labels (for example, “St Paul Travelers Grp.” is Travelers and “At Bay Specialty Ins. Grp.” is At-Bay). At-Bay’s 2023 rank of 32 is as printed by the NAIC. “>20” means outside that year’s top 20. Starr is listed with a 0.0% loss ratio in the NAIC’s 2023 table.
How concentrated is the cyber insurance market?
Less than it was. In 2020, Chubb alone wrote 14.7% of domestic cyber premium and the top 10 groups wrote 67.6%. By 2024, Chubb was still first with 7.9%, but the top 10 held 49.6% and the top 20 held 76.2%. The Herfindahl index across the top 20 groups (the sum of squared market shares) fell from 608 to 340; counting only the top 20 makes this a slight undercount of the full index. Cyber is still concentrated by the standards of insurance as a whole: GAO found that 10 groups wrote nearly 70% of cyber premium in 2019 but only 18% of all property and casualty premium. The newest climber is At-Bay, which went from 32nd in 2023 to 7th in 2024.
Cyber insurance claims statistics
U.S.-domiciled insurers reported 33,561 cyber claims in 2023, or 7.7 per 1,000 policies in force. For 2024, the NAIC published closed-claim counts and closure rates rather than a single total: 38,496 claims closed at an 82.05% closure rate, which implies about 46,918 reported claims (10.7 per 1,000 policies). That matches the NAIC’s statement that claims rose almost 40%.
Most closed claims ended without a payment: 28,555 closed without payment against 9,941 with one, so 25.8% were paid. Excess policies showed the starkest gap, 10,802 unpaid closures to 514 paid (about 21 to 1). Public companies face a separate disclosure regime for material incidents; our tracker of SEC 8-K Item 1.05 cybersecurity incident disclosures covers those.
| 2024 policy type | Share of premium | Share of policies | Closed with payment | Closed without payment | Closure rate |
|---|---|---|---|---|---|
| Primary | 65% | 41.6% | 8,838 | 16,422 | 83.93% |
| Excess | 31% | 3.3% | 514 | 10,802 | 76.84% |
| Endorsement | 4% | 55.1% | 589 | 1,331 | 91.52% |
| Total | 100% | 100% | 9,941 | 28,555 | 82.05% |
The full cyber insurance market table, 2015 to 2024
| Year | Total premium | Change | U.S.-domiciled | Alien surplus lines | Stand-alone share | Policies in force | Premium per policy | Top-20 loss ratio | Report |
|---|---|---|---|---|---|---|---|---|---|
| 2015 | $1.42B | $1.42B | not reported | 34% | n/a | n/a | n/a | NAIC | |
| 2016 | $2.38B | +68.3% | $1.67B | $0.71B | 57% | 2,110,571 | $794 | n/a | NAIC |
| 2017 | $3.09B | +29.5% | $1.89B | $1.20B | 57% | 2,603,970 | $726 | 32.4% | restated |
| 2018 | $3.16B | +2.2% | $2.03B | $1.13B | 60% | 2,996,820 | $677 | 35.3% | NAIC |
| 2019 | $3.36B | +6.3% | $2.26B | $1.09B | 64% | 3,314,005 | $683 | 44.6% | NAIC |
| 2020 | $4.07B | +21.1% | $2.75B | $1.31B | 63% | 4,019,428 | $685 | 66.9% | NAIC |
| 2021 | $6.54B | +61.0% | $4.83B | $1.72B | 69% | 3,747,986 | $1,288 | 66.4% | NAIC |
| 2022 | $9.69B | +48.0% | $7.26B | $2.42B | 74% | 3,913,123 | $1,856 | 44.6% | NAIC |
| 2023 | $9.84B | +1.6% | $7.25B | $2.60B | 70% | 4,369,741 | $1,659 | 42.8%* | NAIC |
| 2024 | $9.14B | -7.1% | $7.08B | $2.06B | new split | 4,368,614 | $1,621 | 50.8%* | NAIC |
Policies in force and premium per policy cover U.S.-domiciled insurers only. *Our premium-weighted estimate from the NAIC’s top-20 group table. The 2017 report (2016 data) supplies 2016 figures; 2017 data come from the restated tables in later reports because we could not retrieve the 2018 edition.
What changed in the data between years
- 2015 and 2016 package premium was partly estimated. Many insurers could not separate cyber premium inside package policies, so the NAIC grossed up the reported amount. For 2015 it divided reported package premium of $515.1 million by 55.23% to reach $932.6 million; for 2016, $434.5 million became $863.8 million. By the 2019 data year only five insurers needed estimates ($9.6 million), and the NAIC stopped estimating for 2020.
- Alien surplus lines were added for 2016 and restated more than once. The 2019 report put 2018 alien premium at $1.57 billion and the total market at about $3.6 billion; later tables show $1.13 billion and $3.16 billion. The 2020 report’s 2019 total of $3.15 billion used alien premium of $887.6 million, later restated to $1.09 billion, which turns the reported 0.2% dip in 2019 into a 6.3% gain.
- Small restatements continue. Domestic 2022 premium is $7.237 billion in the 2023 report and $7.265 billion in the 2025 report; 2019 policies in force moved from 3,314,347 to 3,314,005.
- Loss ratio reporting changed. The 2019 and 2020 reports gave separate stand-alone and package ratios; the 2021 to 2023 reports gave one combined top-20 figure; the 2024 and 2025 reports give only group-level ratios.
- New categories from the 2024 data year. Identity theft reporting was dropped, the stand-alone/package split became primary/excess/endorsement, and a new Part 5 adds state-level premium for the first time.
What this means for MSPs
Expect underwriting questions about controls, not just price. New York’s insurance regulator advised cyber insurers in 2021 that they should gather information on insureds’ “corporate governance and controls, vulnerability management, access controls, encryption, endpoint monitoring, boundary defenses, incident response planning and third-party security policies.” The NAIC’s 2023 report says insurers “may require an insured to use two-factor authentication and patch its computer systems in an acceptable timeframe,” and describes endorsements tied to critical known vulnerabilities in the National Vulnerability Database that give the insured 30 to 45 days to patch before coverage restrictions start. Where a client’s policy carries such an endorsement, your patch window is a coverage term. Our CVE statistics report shows how fast that queue is growing.
Document what you run. The NAIC’s 2024 report describes a common “failure to maintain security” exclusion for insureds that do not keep minimum security standards, and lists better backup procedures and rehearsed restarts among the practices that help. Keep evidence of MFA coverage, endpoint monitoring, patch timelines and tested restores in a form a client can hand to an underwriter or claims adjuster.
Check what kind of policy the client actually has. 55% of policies in force are endorsements carrying 4% of premium. A client who says “we have cyber” may have a thin add-on to a package policy, not a stand-alone primary policy. And with 26% of closed 2024 claims paid, the policy wording and the client’s control attestations matter as much as the limit.
Read the soft market carefully. Average premium per policy is down 13% from the 2022 peak, so renewals may look cheaper. The last time the loss ratio climbed while premium per policy held flat, from 2017 to 2020 (the ratio doubled while premium per policy stayed between $677 and $726), it ended in the 2021 price spike. Budget renewals with that history in mind.
Frequently asked questions
How big is the U.S. cyber insurance market?
U.S. cyber insurance direct written premium was $9.14B in 2024, according to the NAIC: $7.08B from U.S.-domiciled insurers and $2.06B from alien (non-U.S.) surplus lines insurers. That is down 7.1% from the 2023 peak of $9.84B, the first annual decline since the NAIC began collecting the data for 2015.
What are the top 5 cyber insurance companies?
Ranked by 2024 U.S. direct written premium among U.S.-domiciled groups, the top five were Chubb ($561M), Travelers ($535M), Fairfax Financial ($361M), Tokio Marine ($356M) and AXA ($340M). Together they wrote 30.4% of domestic cyber premium, down from 47.6% in 2020.
What are the statistics for cyber insurance claims?
U.S.-domiciled insurers reported 33,561 cyber claims in 2023. For 2024, the NAIC counts 38,496 closed claims at an 82.05% closure rate, which implies about 46,918 reported claims, up roughly 40%. Only 25.8% of closed 2024 claims were closed with a payment.
Are cyber insurance loss ratios going up or down?
Down, then up. The NAIC’s top-20 group loss ratio fell from 66.9% in 2020 to 44.6% in 2022 after the rate spike. Our premium-weighted estimate from the NAIC’s own top-20 tables puts 2024 at 50.8%, up from 42.8% in 2023. AM Best reports the industry ratio rose again to 53.0% in 2025.
How many cyber insurance policies are in force in the U.S.?
4,368,614 policies were in force at U.S.-domiciled insurers in 2024, essentially flat (-0.03%) from 4,369,741 in 2023. 55.1% of them were endorsements to other policies, which carried only 4% of premium.
Methodology
Source. NAIC annual reports on the cyber insurance market for data years 2015, 2016 and 2018 to 2024, built from the Property and Casualty Annual Statement Cybersecurity Insurance (formerly Cybersecurity and Identity Theft) Coverage Supplement and from alien surplus lines data collected by the NAIC International Insurers Department. Retrieved October 2026. Three older editions are no longer on the NAIC site and were retrieved from the Internet Archive copies of their NAIC URLs. We could not retrieve the 2018 edition (2017 data).
What we did. We downloaded each PDF, transcribed premium, policy, loss ratio, claims and top-20 group figures (including tables published only as images), and used the most recent restated figure for each data year. Year-over-year changes, stand-alone shares, premium per policy, market shares, top-5/10/20 concentration, the Herfindahl index across the top 20 groups, and the 2023 and 2024 loss ratio estimates are our calculations. The 2024 reported-claim figure is derived as closed claims divided by the NAIC’s total closure rate. The 2024 alien surplus lines figure is the NAIC total minus the domestic total.
Definitions. Direct written premium is premium on policies written in the year before reinsurance. Loss ratio with DCC is direct losses incurred plus defense and cost containment expenses over premium. The NAIC’s top-20 figure is described as an average; it is close to, but not exactly, a premium-weighted average of the group ratios, so our estimates for 2023 and 2024 are approximations.
Limitations. Policies in force and group rankings exclude alien surplus lines insurers such as Lloyd’s syndicates. Package premium is reported only where insurers can estimate it. Large companies that insure cyber risk through captives are not captured, a gap AM Best also notes. The 2024 three-way split percentages are rounded by the NAIC, and the report does not say whether its premium split includes alien insurers. Earlier reports’ figures differ from later restatements; see “What changed in the data between years.”
Not advice. This is an analysis of public regulatory data, not insurance, legal or coverage advice for any organization.
Cite as:The Uptime Report. "Cyber Insurance Statistics: U.S. Premiums Fell for the First Time in 2024 as Loss Ratios Turned Back Up." October 2026. https://theuptimereport.com/cyber-insurance-statistics/
References
- NAIC, Report on the Cybersecurity Insurance Market (2025, data year 2024). Accessed October 2026.
- NAIC, Report on the Cyber Insurance Market (October 15, 2024, data year 2023). Accessed October 2026.
- NAIC, Report on the Cybersecurity Insurance Market (November 3, 2023, data year 2022). Accessed October 2026.
- NAIC, Report on the Cyber Insurance Market (October 18, 2022, data year 2021). Accessed October 2026.
- NAIC, Report on the Cybersecurity Insurance Market (2021, data year 2020). Accessed October 2026.
- NAIC, Report on the Cybersecurity Insurance and Identity Theft Coverage Supplement (December 4, 2020, data year 2019), Internet Archive copy of the NAIC URL. Accessed October 2026.
- NAIC, Report on the Cybersecurity Insurance and Identity Theft Coverage Supplement (September 12, 2019, data year 2018), Internet Archive copy of the NAIC URL. Accessed October 2026.
- NAIC, Report on the Cybersecurity Insurance Coverage Supplement (August 6, 2017, data year 2016). Accessed October 2026.
- NAIC, Report on the Cybersecurity Insurance Coverage Supplement (August 27, 2016, data year 2015). Accessed October 2026.
- U.S. GAO, Cyber Insurance: Insurers and Policyholders Face Challenges in an Evolving Market (GAO-21-477, May 2021). Accessed October 2026.
- AM Best, Best’s Market Segment Report: U.S. Cyber Market’s Premium Grows Slightly; Surplus Lines Writers Continue to Increase Role (June 26, 2026). Accessed October 2026.
- New York Department of Financial Services, Insurance Circular Letter No. 2 (2021): Cyber Insurance Risk Framework. Accessed October 2026.
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