Best’s News & Research Service - June 07, 2024 10:32 AM (EDT)
Best's Rankings: Total US Stand-Alone Cyber DPW Fell 3.3% in 2023
OLDWICK, N.J. //BestWire// - Total U.S. stand-alone cyber direct premiums written fell 3.3% in 2023, with six of the top 10 insurers seeing decreases, according to a new Best's Ranking report.
XL America Cos. assumed the top spot in the ranking despite a 7.6% decrease in direct premiums written to $487.2 million. It moved from second to first, swapping places with Fairfax Financial (USA) Group, which saw a 17.8% decrease to $462.8 million in DPW.
The largest decrease among the top 10 insurers was 22.6% for Arch Insurance Group, which fell from third to seventh with $250 million in DPW. Travelers Group moved into the third spot from sixth following a 24.8% increase to $325.8 million.
Overall, the U.S. property/casualty industry reported a total of $4.92 billion in stand-alone direct premiums written. AmTrust Group saw the biggest gain among top 10 companies, moving into the 10th spot from 16th with an increase of 30.1% to $149.3 million.
The Best’s Ranking report lists the top 64 writers of stand-alone cyber insurance in 2023, their direct premium written and the percentage change from 2022. It also lists the aggregate totals for the top 25 writers, the top 50 writers and the total for the U.S. property/casualty industry.
Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.
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AM Best data sourced from Best’s Financial Suite, US.
(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)