US Cyber: Premium Growth Lags Behind Cyber Threats : Best's Market Segment Report

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      <subfield code="a">US Cyber: Premium Growth Lags Behind Cyber Threats</subfield>
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      <subfield code="a">Principal Takeaways -- Loss Ratio is Up as Pricing Falls -- Top Cyber Insurers Remain Unchanged -- Surplus Lines Grows Again, But Losses May Be Mounting -- Emerging Issues</subfield>
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      <subfield code="a">The report analyzes the U.S. cyber insurance market through 2025Q1 2026. The industry loss ratio rose to 53.0 in 2025, its highest since the COVID-era ransomware spike, while premium growth was modest and influenced by shifts of premium from offshore to U.S. entities. Pricing fell for eight consecutive quarters through Q1 2026, intensifying pressure on results. The market is bifurcating into surplus lines primary/excess cyber policies versus endorsements, with third-party claims rising faster in surplus lines, implying longer development tails. Top writers by premium remained led by Chubb, with Beazley's U.S. shift and Zurich's acquisition reshaping rankings. Emerging risks include coordinated threat actors, deepfakes, hack now, decrypt later, and evolving regulatory expectations. Untapped SME demand coexists with aggregation risk. Sustained awareness and risk management partnerships are needed absent a systemic tipping event.</subfield>
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