The U.S. market for cyber insurance grew significantly in 2017, as direct premiums written rose nearly 32 percent year over year to $1.8 billion, and policies in force jumped 24 percent to 2.6 million, according to an A.M. Best special report.
However, despite the growth, the cyber insurance take-up rate remains low, particularly among small to medium-sized enterprises.
The new Best’s Special Report, “Cyber Insurance Market Sees Steady Growth but Still Awaiting a Real Growth Spurt,” states that the cyber insurance market represents a meaningful growth opportunity for insurers, given that the take-up rate for small to medium-sized companies remains in the low teens.
