Cyber threats like ransomware and data breaches continue to pose serious challenges for businesses across the US. To help manage these risks, several major insurance companies offer cyber coverage. A recent report has highlighted the top 10 cyber insurance providers in the country based on their market share and Direct Written Premiums (DWP) as of 2024.
At the top of the list is Chubb Ltd Group, holding the largest market share at nearly 8%, with $560.6 million in cyber insurance DWP. Chubb is known for its reliable coverage options and strong claims handling, making it a popular choice among brokers, especially for mid-sized and large clients.
Following closely is Travelers Group with a 7.56% market share and $535.4 million in premiums. Travelers remains a favorite for brokers who bundle cyber insurance with property and casualty policies. It stands out for its experience in claims involving ransomware, business interruptions, and data breaches.
Fairfax Financial and Tokio Marine Holdings take the third and fourth spots with market shares just above 5%, writing $360.6 million and $356 million in premiums respectively. Fairfax is a solid partner for brokers who build multi-carrier coverage towers, while Tokio Marine is especially helpful for customers with international business, offering coordinated risk management across borders.
AXA Insurance Group rounds out the top five with nearly 5% market share and $340.4 million in premiums. AXA’s XL division is one of the largest cyber insurers in the US, providing a broad range of policies for small to large businesses. Recently, AXA XL introduced proactive cybersecurity services at discounted rates to help clients prevent claims.
Other notable companies in the top 10 include Arch Insurance Group, At-Bay Specialty Insurance Group, American International Group (AIG), Sompo Group, and Starr Group. These insurers offer varying strengths – from high-limit coverage for big incidents to specialized support with hands-on security help.
The cyber insurance market has been healthy lately, with carriers collectively earning around $9 billion in underwriting profits between 2022 and 2024. This has encouraged companies like Fairfax and others to keep providing coverage even as rates have started to ease.
For businesses looking to buy cyber insurance, experts advise focusing on more than just price or market share. It’s crucial to understand what risks need covering and ensure the policy includes critical protections like incident response, forensics, and regulatory defense. Checking how insurers handle claims and their readiness to respond 24/7 can make a big difference when an incident occurs.
As cyber threats evolve and grow, having the right insurance can help businesses recover faster and reduce financial fallout. With a range of strong carriers in the US market, companies have more options than ever before to find coverage that fits their unique needs.