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The National Association of Insurance Commissioners recently published a major report to try to quantify the size of the cyber insurance market, but it is missing a key piece of the puzzle.
In 2015, the market for cyber coverage was more than $1.4 billion in direct written premium, according to the report on the Cybersecurity Insurance Coverage Supplement published in August.
The stand-alone cyber security insurance market totaled about $483.2 million, while the NAIC estimated that $933 million in premium was written for the coverage as part of package policies.
However, the report is missing information on the amount of premium written by alien surplus lines insurers — those insurers domiciled in other countries who are unlicensed in the 56 NAIC member jurisdictions and thus not required to file the supplement as part of their annual statements.
NAIC staff said it believes that these insurers may be responsible for significant premium writings, particularly for stand-alone cyber security insurance policies, and has recommended that the surplus lines task force consider requesting this information be provided as a condition for continued listing on the Quarterly Listing of Alien Insurers.
The request is expected to be on the agenda for consideration and possible approval at NAIC’s December meeting in Miami.
The cyber insurance business is robust, with healthy competition, broader coverages and more capacity, experts say.