U.S. Cyber Insurance Industry Grows 35%; Loss Rates Improve

Cyber insurance direct written premium volume for the Property/Casualty (P/C) industry grew by 35% in 2016 to $1.35 billion, according to a new report from Fitch Ratings. For the second year in 2016, annual P/C insurer statutory financial statements include the Cybersecurity and Identity Theft Insurance Coverage Supplement, which provides helpful insights on cyber underwriting activity and performance for insurers. Fitch notes that the $1.35 billion figure likely underestimates the industry's cyber premium exposure as there are inherent challenges to breaking out cyber related premium from other coverages in multi-line coverage products.

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