According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued around $13.5 billion in 2022, rising towards $14 billion if captive insurers are also included.
The firm said in a statement that this shows that the top 20 groups for this class are likely to have accounted for 70.3% of premiums worldwide, and the top 50 for 92.3%, down from a respective 76.6% and 94.4% in 2021.
According to Insuramore, global reinsurance giant Munich Re is likely to have been the global market leader with over $1 billion in GDPW – a figure which doubles including its cyber reinsurance premiums – and is followed in descending order by Chubb, Beazley, Fairfax Financial Holdings and AXA.
As a result, the research conducted by Insuramore shows that over 220 insurer groups were underwriting cyber risks on a direct basis by the end of 2022, an increase from over 180 from 2021.
Furthermore, the firm has also identified 360 individual MGA, MGU and cover-holder enterprises around the world writing cyber insurance on a delegated underwriting authority basis.
Insuramore noted that 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.
The firm states that this is due to the ongoing growth of some smaller and medium-sized competitors, as well as the introduction of additional capacity from new sources.
Examples of these new sources include carriers set up by specialist MGAs such as At-Bay, Coalition and Cowbell Cyber, the introduction of MIRIS as a mutual insurer writing cyber risks on behalf of Europe-based owner-member corporates, and the launch of Trium Cyber, writing cyber cover via Lloyd’s syndicate 1322.
