2019: U.S. Cyber Insurance Market Overview - The Evolving Response to a Pervasive Threat
Conning’s initial review of the cyber insurance market analyzes the cyber landscape, reviews current cyber coverages, provides an outlook for the future of cyber, and shares insights from a comprehensive survey with brokers and agents who place cyber business. In development of this study, Conning gathered perspectives from industry experts across all aspects of cyber insurance, including underwriters, claims professionals, modelers, regulators, legal counsel, and insurtech firms.
2. Executive Summary
3. The Cyber Threat Landscape
² Types of Cyber Exposures
² How the Risk Is Changing Over Time
4. Cyber Insurance Products
² Evolution of the Product
² Market Characteristics
² Additional Offerings
² Modeling the Risk
5. Market Size
² Overall Market
² NAIC U.S. Admitted Market Data
6. Agent/Broker Survey
² Agent/Broker Interest and Approach to Cyber
² Cyber Insurer Dynamics
² Perspective on Buyers of Cyber Insurance
² Cyber Product Dynamics
7. Future of Cyber Insurance
² Drivers of Growth
² Issues/Challenges for the Cyber Insurance Market
² Cyber Risk—Remaining Relevant in a Changing Digital Economy
This is Conning’s initial Strategic Study delving into the relatively new and constantly evolving cyber insurance market.
The study provides a high-level examination of the threats and exposures that cyber-attacks bring to individuals and businesses and an evaluation of cyber insurance product developments and trends. We also provide an analysis of key competitors and their market share along with premium and loss trends. The study details findings and key insights from agents/brokers on the cyber market from our proprietary survey and concludes with an assessment of what the future of cyber insurance may bring.
Within this report, Conning instituted a multipronged approach to assess the cyber market:
- Analyzing NAIC-reported cyber premium and claims data to assess growth and loss history, including individual insurance company performance.
- In-depth interviews across the spectrum of key stakeholders, including underwriters, agents & broker producers, cyber unit leaders for both insurers and brokers, cyber InsurTech firms, cybersecurity experts, lawyers, modeling firms, and government agencies at state and federal levels.
- Conducting a proprietary, online survey of agents and brokers, providing a view of cyber insurance from within the distribution chain.
- An extensive market scan of publications, news articles, and company websites.
This report is Conning’s first Strategic Study dedicated to the cyber insurance market. Given the emerging nature of this line of insurance, Conning anticipates producing future updates on this important sector of the market.