Estimated reading time: 6 minutes
Return To: Cyber Insurance – The Ultimate Guide
The National Association of Insurance Commissioners (NAIC) issued a report on cybersecurity insurance coverage in 2019. This Cyber Security Supplement report highlights the market growth that occurs as a result of companies getting comprehensive cyber insurance plans.
Cybersecurity thus becomes necessary for any business (especially small businesses) that stores sensitive and personal client data in digital storage. We have gathered the top 10 cyber insurance companies based on their 2019 direct premiums written, which represent the growth of a company’s insurance business.
We included the highlights of each cyber insurance provider’s coverage for your convenience. Some insurance providers may have more comprehensive listings than others based on the information they offer on their website.
The Top Cyber Insurers Based On Premium
Here is a table summarizing the top-ranking cyber insurers by premiums written:
|Rank||Company Name||2019 Direct Premiums Written||Cyber DPW (Standalone)||Cyber DPW (Packaged||Market Share|
|1||Chubb INA Group||$356,900,000||0.5%||99.6%||15.9%|
|2||XL Reinsurance America Group (AXA XL)||$229,700,000||100.0%||0%||10.2%|
|3||American International Group||$225,800,000||99.6%||0.5%||10.0%|
|5||Beazley USA Insurance Group||$150,900,000||93.8%||6.2%||6.7%|
|6||AXIS US Operations||$97,300,000||51.0%||49.0%||4.3%|
|7||CNA Insurance Companies||$94,700,000||16.9%||83.1%||4.2%|
|8||BCS Financial Group||$76,100,000||58.7%||41.3%||3.4%|
|9||Liberty Mutual Insurance Companies||$68,400,000||43.4%||56.6%||3.0%|
|10||Fairfax Financial (USA) Group||$65,100,000||99.8%||0.2%||2.9%|
*This directory is based on AM Best research data.
Chubb is the largest publicly traded property and casualty insurance company in the world. Its cyber insurance coverage for the standard version includes the following benefits:
- Incident Response: You get protection from suspected or actual cyber events.
- Business Interruption: This coverage protects you from net profit loss and continuing operating expenses that result from cybercrimes.
- Data and System Recovery: In the event of cybercrime that wipes system data, this coverage pays the costs of increased work, data recovery, and additional business interruption mitigation.
- Cyber Extortion: This coverage protects you from extortion negotiations and payments.
- Privacy and Network Security Liability: Chubb covers liability following a data breach or when network security systems fail. It offers appropriate fines and penalties where it is legally insurable.
- Media Liability: This liability fund covers defamation or online infringement.
XL Reinsurance America Group (AXA XL)
This insurance company has been offering property and casualty insurance services in America since 2002. The AXA XL cyber insurance package provides flexible coverage for some of the following major data and privacy risks:
- Data Recovery
- System Failure
- Social Engineering
- Professional Services
- Available Enhancements
- Privacy and Security Liability
- Payment Card Industry (PCI)
- Dependent Business Interruption
- Cyber Extortion and Ransomware
- Technology Products and Services
- Business Interruption and Extra Expense
- Data Breach Response and Crisis Management
- Privacy Regulatory Defense Costs (includes coverage for any fines and penalties assessed)
AIG offers its finance and insurance services to more than 80 countries and jurisdictions globally. Its cyber insurance policy offers three main benefits:
- Detailed Threat Scoring and Analytics: With AIG cyber insurance, you get comprehensive reports and analyses on your company’s data to be used as the basis for taking further action.
- Proactive Loss Prevention Tools and Services: When insured, you get access to $25,000 worth of services and tools that protect your company from ransomware and phishing scams.
- Global Claims Expertise: AIG’s claims hotline is available 24/7 for assistance with potential cybercrimes. This company’s team coordinates with their clients in responding to suspected data breaches.
This insurance provider is the second-largest writer of commercial property-casualty insurance in the US. They offer cyber insurance coverage depending on a policyholder’s level of cyber risk:
- CyberRisk: This is the Travelers Group’s broad cyber coverage customized for your business operations.
- CyberRisk Tech for Technology Companies: Technology companies rightfully require specific protection for the complex nature of their operations.
- CyberRisk for Public Entities: This package is suited for public sector organizations like Native American nations, municipalities, counties, and transit authorities.
- CyberFirst Essentials®: Travelers tailored this coverage specifically for small businesses. It protects you from the most common cyber risks such as malware, phishing, and password theft.
This insurance policy provider won the 2019 Reactions London Market Awards Insurer of the Year award. Its cyber insurance products include:
- Beazley Breach Response: This policy protects your business from standard malicious threats, including malware, spyware, and ransomware. Beazley covers the costs for cyber extortion, data recovery, and electronic crimes.
- Information Security and Privacy: This policy is suited for large-scale businesses at higher risk of data and privacy exposure. On top of breach response costs, it offers first-party, third-party, eCrime, and criminal reward coverage.
- Beazley Media: Multimedia and entertainment companies benefit most from this cyber insurance policy package.
This insurance provider was founded in 2001 and extends its operations in Bermuda, Canada, Europe, Singapore, and the US. AXIS US cyber insurance carriers get protection from the following cyber risks:
- Business interruption
- Cyber extortion
- Cyber terrorism
- Electronic payment transactional fraud
- Privacy risks
- Reputational risk
- Intellectual property theft
- Merchant data theft
- Identity theft
- Internet or online media liability
- Technology liability
- Network security
- Primary and excess appetite
- Global appetite
This commercial insurer is the largest financial corporation in the US as of 2018. It offers a broad range of property and casualty business insurance solutions. Its commercial packages for business insurance are customizable to include protection against cyber threats.
BCS Financial has been offering financial and insurance solutions since 1948. It works with CyberPolicy to provide comprehensive cybersecurity protection for businesses up to $100 million in revenue.
The cyber insurance that BCS offers includes protection for investigation and public relations. It covers costs for client support, legal support, and lost income in the event of cybercrimes like data breaches.
Liberty Mutual Group is the third-largest property and casualty insurance provider in the US. It has been offering cyber coverage for business owner’s policies since 2014. Its cyber insurance policy includes first-party and third-party cyber reinsurance.
Liberty Mutual cyber insurance covers the costs associated with data breaches, credit monitoring services, helpline services, and identity restoration case management services.
Fairfax Financial (USA) Group
This holding company is based in Canada with an international business engaged in property, casualty, insurance and reinsurance, insurance claims management, and investment management.
According to its annual report for 2019, Fairfax Financial has been implementing measures to mitigate cybersecurity risks for its company, assets, clients, and suppliers.
If your business relies on computers to operate, consider getting the proper insurance to protect your sensitive data. Businesses face too many cybersecurity threats nowadays, making financial protection necessary. Consider looking into the top-ranking cyber insurance companies we have gathered in this list to get the financial protection you need for your business.