The report estimates 2022 GDPW (gross direct premiums written) for cyber insurance was almost $13.5 billion and closer to $14 billion when captive insurers are included.
According to the report from the UK’s Insuramore Insurance Insight, the top cyber insurers by GDPW are Munich Re; Chubb; Beazley; Fairfax Financial Holdings and AXA.
“Looking ahead, the trend towards fragmentation implied by the preceding comparison of the global market share of the top 20 and top 50 groups in 2021 and 2022 is likely to continue in 2023 due in part to the rapid growth of some smaller and medium-sized competitors and in part to the introduction of additional capacity from new sources…it may be noted that the Lloyd’s market in aggregate is believed to account for around 20% of global cyber GDPW.”
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