Overview
The 2025 Best Cyber Insurance Companies in the U.S. rankings highlight key players in the cybersecurity insurance market based on direct premium volume.
Stand-Alone Cyber Security Insurance premiums for the U.S. property and casualty market shrank for the second year in a row, but profitability remained strong, according to 2025 U.S. Cyber Insurance Market analysis by Beinsure using data from Fitch Ratings and AM Best.
Key highligths
- Cyber insurance premiums in the U.S. property & casualty market fell by 5% in 2025, marking the second consecutive year of decline, according cyber insurance trends. This occurred despite strong underlying demand, as insurers adopted more cautious underwriting strategies amid increased cyber threats and market volatility.
- Despite the drop in premium volume, profitability remained strong. Improved risk modeling, better claims management, and refined pricing strategies helped insurers maintain healthy margins.
- The Top 50 cyber insurers accounted for 97.84% of the total $4.59 bn written by the Top 100. This concentration indicates a highly competitive market where leading carriers, insurtechs, and specialty MGAs dominate market share.
- Insurtechs like At-Bay (+344.9%) and traditional players like CNA (+343%) showed explosive growth. Their performance reflects growing preference for agile, data-driven underwriting platforms in cyber insurance.
- The United States remains the largest and most transparent cyber insurance market globally, supported by regulatory disclosures, large-scale digital risk exposure, and insurer innovation. New reporting refinements in 2024 further segmented data by policy type (primary, excess, endorsement), enhancing clarity.
Cyber insurance market has significant growth
The cyber insurance market has significant growth potential as demand for coverage remains strong amid an evolving risk environment. However, weaker pricing and fewer policies led to a 5% decline in U.S. cyber insurance written premiums in 2025, following a 170% increase in volume from 2020 to 2022.
Cyber insurance, while not in its infancy, remains a very immature product that continues to evolve at slower pace than the underlying risk as insurance companies carefully navigate the risk landscape.
The U.S. is, by some margin, the largest market for cyber insurance. Since 2015, U.S. statutory financial statements have included some level of disclosure related to insurers’ cyber-specific direct premium and loss activity.
Starting with YE 2024 data, there was a revision in the data captured. Specifically, the historical standalone and package breakdown was further refined to include primary, excess, and endorsement categories. While this refinement makes historical comparisons more difficult, the aggregate data remains comparable.
2025 Ranking of the Top 50 cyber insurers in the U.S.
The 2025 ranking of the Top 50 U.S. cyber insurance writers highlights key players in the standalone cyber security insurance market based on direct premiums written.
Despite a challenging year marked by economic uncertainty, rising cyber threats, and tightening reinsurance capacity, these insurers collectively generated over $4.49 bn in direct premiums. This represents 97.84% of the total $4.59 bn written by the Top 100 companies, underlining the market dominance of the leading 50 insurers.
The ranking reflects a mix of established players, specialist cyber insurers, and rapidly growing insurtechs. Market volatility is evident in the wide range of year-over-year premium changes—from steep declines by some legacy carriers to triple-digit growth among digital-first entrants.
- Top 10 U.S. Cyber Insurers – $2.77 bn in direct premiums (60,3%)
- TOP 50 U.S. Cyber Insurers – $4.49 bn in direct premiums (97,8%)
- TOP 100 U.S. Cyber Insurers – $4.59 bn in direct premiums (100%)
Companies like At-Bay and CNA Insurance showed massive expansion, while others like Nationwide and Swiss Re reported substantial contraction in cyber premium volume.
This data provides insights into how insurers are adapting their cyber strategies in response to evolving risk dynamics and market pressures.
The leading players are those that not only underwrite risk but also leverage technology, risk modeling, and active cyber risk management to remain competitive in a highly fluid segment of the insurance industry.
Top 50 U.S. cyber insurance writers (Stand-Alone Cyber Security Insurance)
| Rank | Company/Group | Cyber Insurance Premiums ($000) | % Change |
| 1 | Travelers Group | $467,442 | 43.5% |
| 2 | Chubb INA Group | $467,079 | 0.0% |
| 3 | XL America Companies | $338,327 | -30.6% |
| 4 | At-Bay Specialty Ins Co | $280,602 | 344.9% |
| 5 | Sompo Hldgs US Group | $262,732 | -0.1% |
| 6 | Tokio Marine US PC Group | $245,901 | -16.6% |
| 7 | Amer Intl Group | $206,668 | -24.7% |
| 8 | Fairfax Financial (USA) Group | $179,670 | -61.2% |
| 9 | Arch Ins Group | $169,520 | -32.2% |
| 10 | Beazley USA Ins Group | $150,862 | 7.6% |
| 11 | CNA Ins Cos | $132,745 | 343.0% |
| 12 | AXIS US Operations | $110,871 | -30.9% |
| 13 | AmTrust Group | $105,372 | -29.4% |
| 14 | Palomar Hldgs US Group | $94,734 | -11.3% |
| 15 | Intact US Ins Group | $85,593 | -32.2% |
| 16 | Allianz US PC Ins Companies | $82,635 | -27.0% |
| 17 | Ascot Ins U.S. Group | $82,140 | -10.5% |
| 18 | Zurich Ins US PC Group | $73,857 | -49.1% |
| 19 | Berkshire Hathaway Ins | $69,651 | -40.2% |
| 20 | QBE North America Ins Group | $69,149 | 1.2% |
| 21 | Markel Ins Group | $67,541 | -6.2% |
| 22 | Coalition Ins Co | $60,780 | 209.7% |
| 23 | Hartford Ins Group | $51,700 | 110.4% |
| 24 | Liberty Mutual Ins Cos | $45,942 | -43.5% |
| 25 | Starr Intl Group | $45,495 | -63.4% |
| 26 | Everest Re US Group | $45,491 | -42.2% |
| 27 | BCS Ins Co | $44,969 | -18.0% |
| 28 | Cincinnati Ins Cos | $44,938 | 0.0% |
| 29 | Great Amer P & C Ins Group | $38,700 | 15.5% |
| 30 | Nationwide P&C Group | $34,455 | -83.8% |
| 31 | W. R. Berkley Ins Group | $33,614 | -39.5% |
| 32 | Spinnaker Ins Group | $32,461 | -13.7% |
| 33 | Aspen US Ins Group | $30,099 | -59.1% |
| 34 | Hanover Ins Group Prop & Cas Cos | $28,513 | 339.7% |
| 35 | Hiscox USA Group | $25,949 | 7.2% |
| 36 | Obsidian Ins Group | $22,303 | -1.9% |
| 37 | MS&AD US Ins Group | $20,783 | 44.6% |
| 38 | Westfield Group | $16,910 | -54.1% |
| 39 | Erie Ins Group | $15,753 | 0.0% |
| 40 | Federated Mutual Group | $15,369 | 0.0% |
| 41 | Munich-Amer Hldg Corp Cos | $14,368 | -55.9% |
| 42 | Trisura US Ins Group | $11,640 | 0.0% |
| 43 | West Bend Ins Group | $11,200 | 0.0% |
| 44 | Swiss Reins Group | $10,115 | -86.4% |
| 45 | Farmers Ins Group | $9,651 | 0.0% |
| 46 | Auto-Owners Ins Group | $8,622 | 0.0% |
| 47 | Federated Rural Electric Ins Exch | $8,333 | 0.0% |
| 48 | EMC Ins | $7,913 | -0.5% |
| 49 | Acuity, A Mutual Ins Co | $5,927 | 0.0% |
| 50 | COPIC Ins Group | $5,918 | 0.0% |
| TOP 50 Cyber Insurers | $4,491,002 | 97,8% | |
| TOP 100 Cyber Insurers | $4,590,056 | 100% |
Top 10 U.S. Cyber Insurance Leaders
- Travelers Group – $467.4M (+43.5%): Now the top writer, leveraging scale and broad market reach.
- Chubb INA Group – $467.1M (0.0%): Stable performance, holding position with consistent underwriting discipline.
- XL America Companies – $338.3M (−30.6%): Significant decline, possibly due to strategic pullback or portfolio rebalancing.
- At-Bay Specialty Insurance – $280.6M (+344.9%): Explosive growth driven by a tech-driven, MGA-style approach.
- Sompo Holdings US Group – $262.7M (−0.1%): Stable year, minimal change in cyber volume.
- Tokio Marine US PC Group – $245.9M (−16.6%): Moderate contraction, aligning with broader group risk adjustments.
- American International Group (AIG) – $206.7M (−24.7%): Continued retrenchment amid market recalibration.
- Fairfax Financial (USA) – $179.7M (−61.2%): Largest drop among the top 10, possibly signaling a strategic shift.
- Arch Insurance Group – $169.5M (−32.2%): Notable decrease, likely due to selective underwriting or capacity management.
- Beazley USA – $150.9M (+7.6%): Positive growth supported by strong cyber expertise and global reputation.
FAQs: U.S. Cyber Insurance Market in 2025
Direct written premiums declined by 5% due to softer pricing, fewer policies, and cautious underwriting. This follows a steep 170% growth from 2020 to 2022 and marks the second year of premium contraction despite strong demand.
Yes, long-term growth potential remains strong. Demand continues to rise amid intensifying cyber risks, but insurers are slowing expansion to carefully manage underwriting risk and profitability.
Despite the premium decline, profitability remains strong. Improved loss ratios, better underwriting controls, and pricing adjustments contribute to sustained margins, as noted by Fitch and AM Best.
The U.S. dominates the global cyber insurance market due to a mature insurance sector, early regulatory disclosure requirements (since 2015), and high corporate demand for cyber risk transfer.
New classification standards were introduced, distinguishing primary, excess, and endorsement policies. While this improves clarity going forward, it complicates year-to-year historical comparisons.
The Top 10 include Travelers, Chubb, XL America, At-Bay, Sompo, Tokio Marine, AIG, Fairfax, Arch, and Beazley. Combined, they account for over $2.77 bn in direct premiums.
There’s a clear split: some traditional insurers saw sharp premium drops (e.g., Fairfax −61%), while tech-driven entrants like At-Bay (+344.9%) and CNA (+343%) achieved massive growth by offering specialized, agile cyber products.
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AUTHOR: Yana Keller – Cuber insurance Editor at Beinsure
