The National Association of Insurance Commissioners ("NAIC") has released a new report on cybersecurity insurance and identity theft coverage.
The report contains data about cybersecurity insurance market developments.
The report found the total U.S. market for this insurance was about $3.6 billion, a 14.54 percent increase from the total market in 2017.
Highlights of the report included:
- Direct written premium in the admitted market in 2018 for stand-alone cybersecurity insurance policies ($1.1 billion) increased by 12 percent from 2017.
- Direct written premium in the admitted market in 2018 for package cybersecurity insurance policies ($915 million) increased by two percent from 2017.
- Direct written premium in the surplus lines market in 2018 for standalone cybersecurity insurance policies ($1.2 billion) increased by 57 percent from 2017.
- Direct written premium in the surplus lines market in 2018 for package cybersecurity insurance policies ($368 million) decreased almost 15 percent from 2017.
The report was based on data from the cybersecurity insurance and identity theft coverage supplement to the property/casualty ("P/C") annual financial statement for 2018. The report also included data from surplus lines insurers.
Learn more: www.naic.org.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].