WASHINGTON, Nov. 8, 2021 /PRNewswire/ -- The National Association of Insurance Commissioners (NAIC) released its Cyber Insurance report, utilizing data found within the Cyber Supplement, as well as alien surplus lines data collected through the NAIC's International Insurance Department. The 2020 data shows a cybersecurity insurance market of roughly $4.1 billion reflecting an increase of 29.1% from the prior year. Insurers writing standalone cybersecurity insurance products reported approximately $2.58 billion in direct written premiums, and those writing cybersecurity insurance as part of a package policy reported roughly $1.49 billion in direct written premiums.

The top 20 U.S. groups writing standalone and package cyber insurance combined are listed in the table below.

"State insurance regulators recognize cybersecurity as one of the most important topics for the insurance sector and businesses today," said David Altmaier, NAIC President and Florida Insurance Commissioner. "The NAIC is committed to developing new ways to monitor this evolving market to better address cyber risk."

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SOURCE National Association of Insurance Commissioners