Cyber insurance on the rise in the United States

Moody's rating agency recently released a report highlighting the significant development of cyber insurance in the United States. This increase is illustrated by a premium income of 2 billion in 2018 and a cumulative growth of 26% between 2015 and 2018.

However, with less than 1% of the total premiums underwritten across the country, the market is struggling to impose itself against the motor, homeowner's and commercial classes of business.

In addition, the constant change in the nature of risks makes it difficult to identify the adequate policies, which hampers the development of cyber insurance. Moreover, by covering cybercrime-related claims, the so-called "silent" property or third party liability policies also limit the expansion of the cyber-risk market.

Nearly forty insurers cover this risk in the United States, including Chubb and AXA, which together account for 30% of the market share.

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