To present you an outline of the completely different ranges of protection obtainable, Insurance coverage Enterprise lists the highest cyber insurance coverage corporations within the US on this article. For those who’re in search of a cyber insurance coverage supplier that may cater to the distinctive protection wants of your corporation, this piece can provide you dependable choices.
High cyber insurance coverage corporations within the USA
1. Chubb 
Direct written premiums: $473.1 million
Market share: 9.8%
Swiss trade big Chubb will not be solely the highest cyber insurer within the US, it is usually among the many largest insurance coverage corporations on this planet. Its nation headquarters is in Whitehouse Station, New Jersey.
Chubb presents three merchandise underneath its cyber insurance coverage portfolio. These are:
- Cyber Enterprise Threat Administration (Cyber ERM): Designed for companies that deal with or handle delicate buyer or worker information, third-party company info, or pc networks, this coverage presents customizable coverages to go well with every enterprise’s distinctive wants and publicity. Among the many varieties of companies that profit from Cyber ERM are these in healthcare, retail, and monetary companies.
- DigiTech Enterprise Threat Administration (DigiTech ERM): Designed for corporations that provide digital know-how companies reminiscent of pc and IT consulting, software program and app improvement, and information processing.
- Integrity+: Supplies normal legal responsibility and first-party cyber protection for a variety of errors and omissions (E&O), media, information safety and privateness, and mental property infringement points. Goal purchasers embrace tech, manufacturing, life sciences, and clear tech corporations, in addition to federal authorities contractors.
2. Fairfax Monetary
Direct written premiums: $436.4 million
Market share: 9.0%
Toronto-based monetary holding agency Fairfax Monetary presents a variety of property and casualty insurance coverage and reinsurance merchandise, in addition to funding and insurance coverage claims administration companies. The trade behemoth presents cyber insurance coverage insurance policies to US companies by way of its a number of subsidiaries, together with:
- Allied World: Supplies as much as $25 million combination restrict and no minimal premiums.
- Brit Insurance coverage: Covers authorized charges, forensic investigation and disaster administration prices, and public relations bills for as much as £5 million restrict (about $6.1 million).
- Crum & Forster: Cyber legal responsibility protection contains Fee Card Trade (PCI) legal responsibility, regulatory protection and fines, and e-crime and social engineering loss limits as much as $250,000.
3. AXA XL
Direct written premiums: $421 million
Market share: 8.7%
AXA XL is the US-based subsidiary of the French insurance coverage big AXA. It holds headquarters in Stamford, Connecticut.
AXA XL’s flagship cyber insurance coverage coverage, known as CyberRiskConnect, offers tailor-made cyber safety for companies in several industries. Protection contains:
- Enterprise interruption
- Cyber extortion or ransomware assault
- Knowledge breach response and disaster administration
- Knowledge restoration
- PCI
- Regulatory protection prices and penalties
- Social engineering
- System failure
Policyholders can even entry a variety of danger mitigation companies from AXA XL companions, together with:
- Superior endpoint safety and safety companies
- Cybersecurity compliance help
- Incident response planning
- Knowledge privateness consciousness coaching
- Social engineering and phishing campaigns
- Third-party contract overview
CyberRiskConnect offers as much as $15 million in protection obtainable on a major or extra foundation.
AXA XL additionally holds partnerships with Microsoft and Slice Labs in an initiative aimed toward serving to defend customers of Microsoft’s digital instruments.
If solely there was a cheat sheet that may assist you put together, stop, and recuperate from a #cybersecurity assault…nicely there may be, and we’ve received it. Take a look at AXA XL’s Cyber Claims Street Map: https://t.co/2z9rhk48t4 #CyberSecurityAwarenessMonth #cyberattack pic.twitter.com/Q9KakNmQKy
— AXA XL (@AXA_XL) October 13, 2021
4. Tokio Marine HCC
Direct written premiums: $249.8 million
Market share: 5.2%
Japanese trade big Tokio Marine Group presents specialty insurance coverage insurance policies within the US, the UK, Spain, and Eire by way of its subsidiary Tokio Marine HCC. Its US-based insurance coverage arm holds its headquarters in Houston, Texas.
Tokio Marine HCC’s Cyber Safety Insurance coverage coverage offers first-party and legal responsibility safety for as much as $25 million on a major and extra foundation. Protection contains cybercrime prevention, disaster response, and post-incident experience.
Tokio Marine HCC’s Cyber & Skilled Traces Group (CPLG) takes a hands-on and tech-driven method to underwriting. Its success has landed it on Insurance coverage Enterprise America’s listing of 5-Star Cyber Insurers.
5. AIG
Direct written premiums: $240.6 million
Market share: 5.0%
Among the many high cyber insurance coverage corporations within the US, AIG can be one of many first insurers within the nation to launch a cyber insurance coverage program – that was greater than 20 years in the past. Thus far, the New York-based insurer has over 30,000 policyholders underneath its flagship cyber protection, CyberEdge and handles not less than 5 cyber claims each day.
CyberEdge offers as much as $100 million in protection and has no minimal retention. It pays out for the prices related to an information breach, together with:
- First-party bills
- Cyber extortion
- Knowledge restoration
- Occasion response
- Community interruption
CyberEdge will be bought as a standalone product or added to AIG’s choose monetary traces, and property and casualty insurance coverage insurance policies.
6. Vacationers
Direct written premiums: $232.3 million
Market share: 4.8%
Vacationers presents tailor-made cyber legal responsibility safety for companies with various ranges of danger. Protection contains:
- Enterprise interruption
- Disaster administration prices
- Cyber extortion
- Forensic investigations
- Litigation charges
- Regulatory bills and fines
The New York-based property and casualty insurer’s cyber insurance coverage lineup consists of 4 insurance policies. These are:
- CyberRisk for A number of Industries and Enterprise Sizes: Cyber protection designed for every type of companies, from small enterprises and non-profits to Fortune 500 companies.
- CyberRisk Tech for Expertise Firms: Supplies cyber legal responsibility and E&O protection designed for the distinctive wants of tech corporations.
- CyberRisk for Public Entities: Designed to satisfy the protection wants of public entities, together with municipalities and counties, transit authorities, and different public sector organizations.
- CyberFirst Necessities for Small Companies: Will be bought with a enterprise proprietor’s coverage to guard small companies from cyber threats.
7. Beazley
Direct written premiums: $200.9 million
Market share: 4.2%
Beazley presents 4 varieties of merchandise underneath its cyber and know-how portfolio designed to offer companies with monetary safety within the occasion of a cyberattack. These are:
- Beazley Breach Response (BBR): Supplies information breach, first-party, third-party, and e-crime protection for companies of assorted sizes.
- InfoSec: Designed for big companies with vital information privateness and cybersecurity exposures.
- MediaTech: Protects tech {and professional} companies corporations in opposition to claims, and contains cyber legal responsibility, errors and omissions, and media protection.
- MediaTech for Small Enterprise: Gives the identical protection as MediaTech, however with options and advantages tailor-made for small companies.
The London-based insurer offers cyber insurance coverage to US companies by way of its a number of branches throughout the nation. Its American headquarters is situated in San Francisco, California.
8. CNA
Direct written premiums: $181.4 million
Market share: 3.8%
Primarily based in Chicago, CNA is likely one of the largest business P&C insurers within the US and likewise among the many nation’s high cyber insurance coverage corporations. Its cyber insurance coverage insurance policies supply the next coverages:
- Broad media
- Dependent enterprise earnings
- E-theft and social engineering
- Community failure
- PCI
- Reputational hurt
- Voluntary shutdown
- Wrongful assortment
Cyber insurance coverage purchasers can even select from 4 varieties of plans. These are:
- NetProtect 360: Complete cyber insurance coverage coverage designed for various companies.
- EPS Plus: Cyber legal responsibility protection designed for skilled companies corporations and contains E&O safety.
- EPACK 3: Cyber insurance coverage coverage designed for administration {and professional} legal responsibility dangers. Obtainable in 36 states.
- CyberPrep: Obtainable to all CNA cyber insurance coverage policyholders, it is a suite of cyber dangers companies that may assist determine, mitigate, and tackle persistent and rising cyber threats.
With out cyber insurance coverage, the prices related to a breach may very nicely put an organization out of enterprise. CNA’s Brian Robb discusses with @GARP_Risk why cyber insurance coverage is a important a part of danger administration: https://t.co/PSeh1KUTKu pic.twitter.com/5NJuZV4yPN
— CNA Insurance coverage (@CNA_Insurance) November 7, 2019
9. Arch Insurance coverage
Direct written premiums: $171.9 million
Market share: 3.6%
Arch Insurance coverage’s cyber protection has a restrict of as much as $20 million for anybody danger. Among the many industries the coverage caters to are:
- Power and utilities
- Healthcare, together with pharmaceutical companies
- Monetary companies
- Tech, media, and telecoms
- Transportation
- Retail and leisure
Its flagship cyber insurance coverage coverage, known as Arch Netsafe 2.0, contains the next options and advantages:
- Enterprise interruption and cyber extortion protection
- Knowledge safety and non-disclosure agreements
- Dependent enterprise interruption protection
- First-party information incident response expense
- Media legal responsibility protection
- System failure protection
- PCI-DSS assessments and regulatory fines and penalties
- Carve-back for cyberterrorism
- Carve-back to the contract exclusion for PCI
- “Convey Your Personal Gadget” included inside pc system definition
10. AXIS Capital
Direct written premiums: $159 million
Market share: 3.3%
AXIS Capital presents cyber insurance coverage designed for big and middle-market companies. It has as much as $25 million legal responsibility limits and covers enterprise interruption losses, together with these from dependent companies and reputational hurt. The coverage additionally covers bills and penalties ensuing from regulatory and PCI-DSS non-compliance.
Not too long ago, the insurer additionally rolled out its AXIS Cyber Expertise and Miscellaneous Skilled Legal responsibility (ACTM) coverage aimed toward serving to companies keep away from potential safety gaps by permitting them to mix a number of coverages in a single coverage. ACTM is designed for corporations with as much as $2 billion in income and will be bought by way of brokers on each an admitted and non-admitted foundation.
AXIS Capital relies in Pembroke Parish, Bermuda and has 28 places of work globally. Within the US, the insurer has branches in Los Angeles, Chicago, Kansas Metropolis, New York, Hartford, and Franklin Lakes
Methodology for figuring out the highest cyber insurance coverage corporations within the USA
We based mostly our findings on figuring out the ten main cyber insurers within the nation based mostly on the Nationwide Affiliation of Insurance coverage Commissioner’s (NAIC) newest market share information.
Right here’s a abstract of the highest cyber insurance coverage corporations within the US based mostly on direct written premiums and market share:
How does cyber insurance coverage work?
Cyber insurance coverage is a kind of insurance coverage coverage designed to cowl monetary losses stemming from cyber incidents. Typically, this type of protection presents two varieties of safety, specifically:
1. First-party protection
This coverage pays out for the monetary losses a enterprise incurs due to a cyber incident, together with:
- The price of responding to an information breach
- Restoring and recovering misplaced or broken information
- Misplaced earnings ensuing from enterprise interruption
- Ransomware assault funds
- Threat evaluation of future cyberattacks
Most first-party insurance policies additionally cowl the price of notifying purchasers in regards to the cyber incident and offering them with anti-fraud companies.
2. Third-party protection
Additionally known as legal responsibility protection, this sort of coverage offers monetary safety in opposition to lawsuits filed by third events – reminiscent of prospects, workers, and distributors – for damages attributable to a cyberattack on their companies. It usually covers court docket and settlement charges, in addition to regulatory bills and fines.
How a lot does cyber insurance coverage value within the US?
Cyber insurance coverage premiums on common begin at $500 yearly for fundamental protection and might exceed $5,000 for complete safety. Nationally, a number of trade and private finance web sites peg the fee at about $1,600 annually for $1 million value of canopy.
The quantity of protection your corporation wants, nevertheless, will be considerably increased or decrease relying on a variety of things. Listed here are a few of the metrics you’ll want to contemplate to work out how a lot cyber insurance coverage protection your corporation requires:
- Firm measurement: The variety of workers has a direct influence in your firm’s danger publicity. As an instance, the larger the variety of customers, gadgets, and techniques a enterprise has, the bigger its risk floor and, subsequently, the upper the probability of falling sufferer to a cyberattack, which pushes up insurance coverage charges.
- The trade your corporation is in: Some sectors are extra vulnerable to cyberattacks than others. Companies that deal with delicate info reminiscent of these underneath monetary companies and healthcare, as an example, are extra interesting to cybercriminals. This raises premium costs.
- Income: Insurers usually understand corporations that generate increased income to be at a larger danger of being focused by cybercriminals. Due to this, in addition they usually pay extra for cyber insurance coverage.
- Stage of protection: The upper the coverage limits, the upper the premiums.
- Cybersecurity measures in place: Insurance coverage suppliers usually reward companies that dedicate vital sources towards stopping cybercrime with cheaper charges.
Premiums, nevertheless, are calculated in a different way relying on the kind of coverage. If you wish to perceive how this insurance coverage part works, you’ll be able to take a look at our complete information on insurance coverage premiums.
Is cyber insurance coverage value the fee?
Trade consultants warn companies that cyber criminals don’t discriminate based mostly on an organization’s measurement. And with the fast tempo of digital transformation giving rise to new and doubtlessly extra damaging cyber dangers, it pays to get some type of cyber safety. Extra so if your organization manages delicate buyer or worker information, has a big shopper base, and owns useful digital belongings.
These consultants additionally remind companies that they can not rely solely on cyber insurance coverage to bail them out once they fall sufferer to a cyberattack. To stay insurable, your corporation must do its half and take sturdy precautions in opposition to cyber threats.
For those who personal a small enterprise and are attempting to provide you with cost-effective methods to stop a cyberattack, you will discover some sensible ideas in our cybersecurity information for small companies.
The place can you discover the highest cyber insurance coverage corporations within the US?
An skilled insurance coverage agent or dealer can information you in your seek for the cyber protection that most closely fits your wants. To seek out dependable and reliable insurance coverage professionals, we suggest that you simply take a look at our Finest in Insurance coverage America web page.
On this web page, we function solely insurance coverage corporations which might be nominated by their friends and vetted by our workforce of consultants as reliable trade leaders. By coping with these suppliers, you’ll be able to have peace of thoughts in realizing that you’re getting the perfect protection from somebody you’ll be able to depend on throughout difficult instances.
For ongoing protection of the cyber insurance coverage world, make sure to go to our cyber insurance coverage newspage for the most recent info.
Have you ever skilled working with the highest cyber insurance coverage corporations on our listing? Do you suppose they provide the perfect protection? Ship us your ideas within the remark part beneath.
