Admitted cyber insurance premiums in the US fell by 2.3% to US$7.1bn in 2024, according to the latest monitor from the QualRisk Cyber Insurance Centre. It is the first annual decline since the National Association of Insurance Commissioners began publishing cyber-specific data in 2018.

QCC chief executive Daniel Kasper said: “This first-ever decline in top-line NAIC-reported premium is a clear indicator that the US cyber insurance market has reached an inflection point.” He pointed to slower growth in the policyholder base and greater underwriting discipline in a soft pricing environment.

Market concentration remained largely unchanged. The top 30 carriers wrote more than 90% of admitted premium in 2024, while the top five accounted for more than 30%. Chubb led with around 8%, followed by Travelers and Fairfax with more than 5% each. Cyber-focused managing general agents such as Coalition, Resilience and At-Bay increased their share, although much of their premium is ceded through other insurers and not captured in NAIC data.

QCC estimates the wider US cyber insurance market – including non-admitted and alien insurers – at US$10.5bn, though this figure may also capture related lines, including tech E&O. The firm reported a collective loss ratio of 41.8% for the five largest carriers. By segment, The Hartford leads endorsements, Chubb leads primary, and Starr leads surplus lines.

AM Best has also reported a decline of around 2.3% in 2024, attributing it mainly to pricing reductions rather than weaker demand, and noted that overall loss ratios remained below 50%.

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