The total industry direct direct premium growth weakened to 8% in 2018 to $ 2.0 billion, compared to 37% growth in 2017, according to a report by Fitch Ratings Inc.
Standalone Internet premium increased by about 12% in 2018 , Fitch says, and the addition of "stable stand-alone premium growth reflects insured's interest in getting affirmative cyber coverage and dedicated limits on related exposures."
At the same time, cyber coverage in commercial package policies increased by only 3% in 2018, compared to nearly 100% growth in 2018.
It was about $ 1.1 billion in private direct premiums in 2018, an increase of nearly 12% from 2017, says Fitch. The largest US authors of stand-alone cyber-protection in 201
Travelers Cos Inc., Beazley PLC and Zurich American Insurance Cos. Round out the five largest positions, showed data.
Market shares remain "relatively concentrated", as the top 10 authors have a market share of 71% by 2018, according to
Chubb Ltd. continues as market leader for stand-alone and package-based internet premiums combined with a direct market share of 16.3%, followed by Axa XL, which moved up to second position by 12.8% share, moving past third ranked AIG at 11.6%.
Traveling and Beazley round out the top five at 7.3% and 5.5% respectively.
However, the market is heated as "profitable results and underwriter attraction promotes improved segment price competitors," Fitch said.
The credit rating agency added that the number of US insurance companies that write over $ 1 million of direct internet premiums increased to 87 in 2018 from 75 a year. years earlier.
However, Fitch warned that "current strong performance in cyber contradicts the high risk in the new product segment," which has "limited historical claims and insurance data" and adds that "insurance companies face challenges related to silent cyber exposures".