In the latest report from ratings agency AM Best, Chubb solidifies its position as the leading cyber insurer in the US based on Direct Premiums Written (DPW) in 2022.
The news follows Chubb’s recent launch of Chubb Studio – developer portal offers a comprehensive suite of digital insurance APIs, mobile SDKs, and microsites and enables developers to create and test new digital insurance campaigns while seamlessly integrating their applications with a partner’s live APIs.
Chubb, with a noteworthy DPW of $604.9 million, claims the top spot among the top 20 US cyber insurers, boasting a market share of approximately 8.4%.
Maintaining its standing, Fairfax Financial (USA) Group secures the second position with a 2022 DPW of $563.0 million, capturing a market share of 7.8%. In line with the previous year, XL Reinsurance America Group (AXA XL) retains its third-place position, reporting a 2022 DPW of $527.4 million.
The 2021 rankings persist with Tokio Marine US PC Group securing the fourth spot, reporting a 2022 DPW of $367.6 million. Notable movements within the top 10 include Arch Insurance Group’s ascent to the fifth position from ninth, while Travelers Group and Nationwide Group maintain their rankings without changes.
Zurich Insurance US PC Group and Sompo Holdings US Group make noteworthy strides, entering the top 10. Conversely, Beazley USA Insurance Group experiences a decline, slipping to the sixteenth position from seventh. In contrast, Randall Group makes a substantial leap to become the 18th largest US cyber insurer from thirty-second.
The collective DPW of the top 5 insurers surges to $2.41 billion in 2022, a substantial increase from $1.75 billion the previous year. Similarly, the total DPW for the top 10 insurers rises to $3.78 billion in 2022 compared to $2.53 billion in 2021. Reflecting the overall trend, the top 20 cyber insurers collectively record a significant rise in DPW, reaching $5.66 billion in 2022, up from $3.74 billion in 2021.
Commenting on Chubb Studio, Sean Ringsted, Chief Digital Business Officer at Chubb, said: “The new developer portal showcases the brand strength, product breadth and tech capabilities that Chubb delivers to its distribution partners, with an unmatched level of customisation and development agility in the insurance industry.”
He continued: “Our partners’ technology teams now have one convenient place to access and discover our digital insurance value propositions across different verticals and products as well as a sandbox environment where our growing suite of APIs and mobile software development kits (SDKs) can be tested and experienced in real time.”
Speaking recently about Chubb’s success in the marketplace, Evan Greenberg, Chairman and Chief Executive Officer of Chubb Limited, said: “We had another outstanding quarter which contributed to a record nine months. Our performance in the quarter included double-digit Global P&C premium revenue growth, world-class P&C underwriting results, record net investment income, and strong life operating income.”
Meet Chubb leaders in Hong Kong at Insurtech Insights Asia 2023
Join leaders from Chubb at Asia’s largest insurtech conference – Insurtech Insights Asia 2023, in Hong Kong, at the Kerry Hotel on December 6th and 7th.
Sushmita Munshi, Chief Customer Officer, will be taking part in the session: “Predict & Prevent – Transformation of Life & Health Insurance in Asia.”
Om Bhatia, Head of Growth, will be a panelist on: “How Digitisation is Creating New Partnership Opportunities Between Brokers and Insurers.”
And Scott Simpson, President of Hong Kong and Macau, will be taking part in a fireside chat with Gloria Leung, Chief Customer Officer, Insurance Division, for Hang Seng Bank.
For more information on the conference, visit here
Author: Joanna England
