The latest data from ratings agency AM Best confirms that Chubb remains the largest cyber insurer in the US when ranked by direct premiums written (DPW) in 2022.
With DPW of $604.9 million in 2022, Chubb tops the list of the top 20 US cyber insurers, and now has a market share of approximately 8.4%.
Fairfax Financial (USA) Group once again takes the second spot, with DPW of $563.0 million in 2022, with a market share of 7.8%.
As in 2021, XL Reinsurance America Group (AXA XL) remains in third place with 2022 DPW of $527.4 million.
Also unchanged from the 2021 ranking is Tokio Marine US PC Group in fourth place, with 2022 DPW of $367.6 million.
In the top 10, Arch Insurance Group moved up to the fifth place from ninth, while Travelers Group and Nationwide Group’s rankings remained unchanged.
Zurich Insurance US PC Group and Sompo Holdings US Group climbed up the rankings to enter the top 10.
Beazley USA Insurance Group slipped rankings to sixteenth from seventh place, while Randall Group leapfrogged to become the 18th largest US cyber insurer from thirty-two.
The top 5’s total DPW rose in 2022 to $2.41 billion compared with $1.75 billion a year earlier. The top 10’s total DPW also rose to $3.78 billion in 2022, compared with $2.53 billion in 2021.
The top 20’s DPW also saw a significant rise to $5.66 billion in 2022 from $3.74 billion in 2021.
