Insuramore, a provider of insurance rankings and analysis, has released its updated global ranking of insurer groups based on cyber insurance gross direct premiums written (GDPW) in 2022.
The rankings, which incorporate insights from major underwriters in the industry, provide insights into the competitive landscape of the cyber insurance market.
According to the analysis, the estimated GDPW for cyber insurance globally reached approximately US$13.5 billion in 2022. When including captive insurers, this figure is projected to rise to nearly US$14 billion, with the United States accounting for over half of the total.
Examining the market's competitive structure, the research reveals that the top 20 insurer groups in this segment likely accounted for 70.3% of premiums worldwide, while the top 50 groups accounted for 92.3%.
Although these percentages have slightly decreased compared to the previous year (76.6% and 94.4%, respectively, in 2021), Munich Re is expected to maintain its position as the global market leader with over US$1 billion in GDPW. This figure doubles when considering its cyber reinsurance premiums.
The study also highlights the growing prominence of cyber insurance, with over 220 insurer groups underwriting cyber risks directly by the end of 2022, a significant increase from the previous year's figure of over 180. Additionally, Insuramore has identified 360 individual MGA, MGU, and cover-holder enterprises globally that engage in cyber insurance underwriting on a delegated authority basis.
Looking ahead to 2023, the research suggests that the trend towards market fragmentation observed in the comparison between the global market shares of the top 20 and top 50 groups in 2021 and 2022 is likely to continue. This can be attributed to the rapid growth of smaller and medium-sized competitors and the entry of new sources of capacity.
Notable examples include carriers established by specialised MGAs like At-Bay, Coalition, and Cowbell Cyber, the emergence of MIRIS as a mutual insurer writing cyber risks for Europe-based owner-member corporates, and the launch of Trium Cyber, which provides cyber coverage through Lloyd's syndicate 1322. Lloyd's syndicate 1322 alone is estimated to contribute approximately 20% of the global cyber GDPW.
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