US cyber direct written premiums total $4.1B in 2020

The cybersecurity market in the U.S. totaled about $4.1 billion in direct written premiums in 2020, a 29.1% increase from the previous year, the National Association of Insurance Commissioners said in a report issued Monday.

This includes both U.S. domiciled insurers and alien surplus lines insurers writing business in the U.S., according to the report.

Insurers writing standalone cybersecurity insurance products reported about $2.58 billion in direct written premiums, and those writing it as part of a package policy reported about $1.49 billion in direct written premiums, according to the report.

U.S. domiciled insurers writing cyber coverage reported $2.75 billion in direct written premiums, a 21.7% increase from 2019, according to the report.

The $2.75 billion accounted for just 0.38% of the $727 billion of property/casualty direct written premiums in the U.S., the report said.

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