By the end of 2022, more than 220 insurers were underwriting cyber risks worldwide (1), compared with 180 in 2021. The cyber insurance market has recorded premiums amounting to 13.5 billion USD (2) in 2022, against 8.6 billion USD a year earlier, which represents a 56.67% increase.
Market leaders Munich Re, Chubb, Beazley, Fairfax Financial Holdings and AXA account for 4.362 billion USD in cyber premiums, giving them a combined market share of 32.3%. The top 20 insurers account for 70% of the global premium income, against 76.6% in 2021.
Lloyds of London (3), which is not included in the ranking below, remains, along with its syndicates, the leading market specializing in cyber insurance. It accounts for 20% of all global premiums, or 2.7 billion USD in 2022, against 1.72 billion USD in 2021.
Estimated 2022 cyber premiums for the five main groups (direct gross premiums)
Figures in millions USD| Group | Country | Premiums 2022 | Premiums 2021 | Evolution 2021-2022 | 2022 Shares in % |
|---|---|---|---|---|---|
| Munich Re | Germany | 1050 | 735 | 42.86% | 7.79% |
| Chubb | Switzerland | 1000 | 800 | 25.00% | 7.42% |
| Beazley | United Kingdom | 870 | 800 | 8.75% | 6.45% |
| Fairfax Financial Holdings | Canada | 810 | 600 | 35.00% | 6.01% |
| AXA | France | 632.5 | 475 | 33.16% | 4.69% |
| Total | 4 362.5 | 3 410 | 27.93% | 32.35% | |
| Rest of the market | 9122.5 | 5 197 | 75.53% | 67.65% | |
| World total | 13 485 | 8 607 | 56.67% | 100.00% |
Source: Insuramore
(1) « Cyber Insurance Market » study by Insuramore
(2) Excluding captive insurers' cyber premiums, estimated at 500 million USD
(3) The Insuramore study does not include Lloyd's of London, whose syndicates are among the other insurance groups listed in the ranking.