2023 U.S. Cyber Market Update

The report covers 2023 performance based on data from the NAIC statutory filing supplement and provides benchmarking for current and future cyber insurers.

Key Findings

U.S. cyber insurance premiums reported to the NAIC of $7.18 billion dropped for the first time since 2015
The U.S. cyber incurred loss and defense cost ratio was resilient against challenging trends, decreasing year-over-year from 45 to 42 percent
The majority of cyber claims are first party but there is a rising proportion of third party claims and evidence that cyber is becoming less short-tailed

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