“Fitch estimates that standalone and packaged cyber statutory direct written premiums increased by 74% in 2021 to nearly $5 billion compared with 9% growth for the P/C industry overall, driven by heightened policyholder risk awareness and greater demand for coverage. Standalone cyber coverage, which represents approximately two-thirds of industry premiums, increased by 92% in 2021. Standalone coverage will expand further as a proportion of industry cyber premiums as insurers strive to reduce exposure to ‘silent’ cyber risks and minimize any ambiguity in coverage terms.”
Source: US Cyber Insurance Sees Rapid Premium Growth, Declining Loss Ratios
