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Rapid Cyber Premium Growth by Fairfax, Tokio Marine Increased Share of Market

According to Fitch’s report, based largely on statutory financial supplements from insurers disclosing cyber-specific direct premiums, Fairfax reported 300% growth in premium in 2021 to move from eighth in 2020 to its current position thanks to the performance of its Crum & Forster, Hudson Insurance, and Allied World operations.

The analysis found that Chubb’s cyber book is almost all package business and it is by far the largest writer of package cyber coverage with a market share of about 28%.

Based on the cyber supplement data, cyber claims that were closed with a payment increased 200% in the last three years to more than 8,100 in 2021.

Chad is National News Editor at Insurance Journal.

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