US Cyber Insurance Premiums Decline for the First Time Since 2018

For the first time since official tracking began in 2018, the US cyber insurance market saw a decline in premium volume. According to the 2025 US Cyber Insurance Monitor by the QualRisk Cyber Insurance Center, admitted direct written premiums dropped by 2.3% to $7.1 billion in 2024. This shift is being seen not as a fall in demand but as a recalibration, with insurers focusing more on disciplined underwriting and long-term profitability than rapid premium growth.

Despite the contraction, the market remains highly concentrated. The top 30 carrier groups accounted for over 90% of admitted premiums, with Chubb leading the pack at 8%. While established multiline insurers continue to dominate, cyber-focused MGAs like Coalition and Resilience are gaining visibility, even though much of their premium volume remains outside NAIC reporting due to their partnerships with capacity providers.

The broader cyber insurance sector, including non-admitted and international insurers, is estimated to be worth $10.5 billion. Profitability has held firm, with the top five carrier groups reporting a combined loss ratio of just 41.8%. Analysts point out that strong underwriting results and manageable loss ratios suggest that carriers are successfully balancing risk with return in a challenging environment.

Looking ahead, market observers believe this premium dip signals a maturing sector where growth is no longer guaranteed. Carriers will need to refine risk strategies, control costs, and differentiate offerings to stay competitive as cyber threats continue to evolve. While affordability remains a concern for buyers, a stable underwriting environment could pave the way for renewed capacity expansion in the near future.