Cyber insurance claims are shaped by multiple threat types and sectors, from ransomware to business email compromise and other breach categories. In 2023, report timelines tightened, while healthcare and financial services showed notable increases in claim notifications. As year-over-year activity accelerates, this page breaks down what’s driving the surge, how triggers affect outcomes, and where loss patterns are shifting across industries.
Key Takeaways
- In 2023, ransomware attacks accounted for 76% of all cyber insurance claims reported by Beazley, a 23% increase from 2022
- Cyber insurance claims surged by 50% year-over-year in Q1 2024 according to Coalition's data, reaching over 1,200 claims processed
- US-based organizations filed 62% of global cyber claims in 2023, totaling 4,200 claims as per Munich Re analysis
- The average time to notify insurers of a cyber incident dropped to 12 days in 2023 from 21 days in 2022 per Beazley report, category: Claim Volume and Frequency
- Cyber insurance premium growth projected at 25% CAGR through 2027 per McKinsey
- Ransomware claim frequency expected to rise 15% annually to 2025 per Swiss Re Sigma
- AI-driven attacks to comprise 20% of claims by 2026 per Gartner cyber insurance forecast
- The average cyber insurance claim payout reached $4.88 million in 2023, up 10% from 2022 according to Beazley
- Ransomware claims averaged $5.42 million in losses in 2023 per Coalition, with total payouts exceeding $1.2 billion
- Business interruption costs from cyber claims averaged $1.2 million per incident in 2023 per Woodruff Sawyer
- The proportion of ransomware incidents leading to insurance claims was 82% in 2023 per Beazley Breach Report
- Business email compromise (BEC) scams constituted 17% of all cyber claims in Q1 2024 per Coalition
- Data breaches without extortion made up 12% of claims, primarily involving accidental exposure per Woodruff Sawyer 2023
- 52% of healthcare cyber claims involved ransomware in 2023 per HIMSS
- Financial services saw 28% of claims from BEC scams, totaling $1.2B losses in 2023 per ABA Insurance
Ransomware drove a sharp rise in cyber insurance claims in 2023 and early 2024, with payouts increasing too.
Related reading
01 · Category
Claim Volume And Frequency29 stats
01
In 2023, ransomware attacks accounted for 76% of all cyber insurance claims reported by Beazley, a 23% increase from 2022
02
Cyber insurance claims surged by 50% year-over-year in Q1 2024 according to Coalition's data, reaching over 1,200 claims processed
03
US-based organizations filed 62% of global cyber claims in 2023, totaling 4,200 claims as per Munich Re analysis
04
Healthcare sector saw a 35% rise in cyber claim notifications in 2023, with 850 claims logged by insurers like Chubb
05
Total cyber insurance claims in the UK increased by 28% to 1,100 in 2022 per Hiscox report
06
Ransomware claims represented 59% of all notifications in H1 2023, up from 46% in H1 2022 according to Woodruff Sawyer
07
Global cyber claim frequency rose 12% in 2023, with insurers paying out on 78% of claims per Swiss Re Institute
08
Small businesses (<$50M revenue) submitted 42% of claims in 2023, a 15% YoY increase per Embroker data
09
Q4 2023 saw 950 ransomware-related claim filings across major insurers, 40% higher than Q4 2022 per Cyence
10
1,450 cyber claims were reported in Australia in 2023, doubling from 2021 levels according to Insurance Council of Australia
11
Notification volumes for business email compromise (BEC) claims grew 18% to 320 in 2023 per Aon report
12
Cyber extortion claims hit 2,100 globally in 2023, 25% up from prior year per Kovrr analytics
13
EU firms reported 1,800 claims in 2023, a 30% increase driven by GDPR compliance issues per EIOPA
14
Mid-market claims (revenue $50M-$1B) rose 22% to 1,200 in 2023 per Marsh McLennan
15
Phishing-related claims notifications increased 27% to 750 in H1 2024 per Palo Alto Networks insurance data
16
Total claims processed by Lloyd's syndicates reached 3,500 in 2023, up 19% YoY
17
Cloud misconfiguration claims surged 45% to 420 in 2023 per CyberCube
18
950 supply chain attack claims filed in 2023, 33% higher than 2022 per Risk Management Solutions (RMS)
19
Insider threat claims grew 14% to 280 notifications in 2023 per Verizon DBIR insurance summary
20
US manufacturing sector claims hit 620 in 2023, up 29% per Travelers Insurance
21
Global claim denial rate for cyber policies fell to 15% in 2023 from 22% in 2021 per NAIC data
22
1,100 DDoS-related claims reported in 2023, 20% YoY growth per Akamai insurance insights
23
Breach notification claims in Canada rose 25% to 450 in 2023 per IBC stats
24
IoT-related cyber claims increased 38% to 210 in 2023 per Allianz Risk Barometer
25
820 social engineering claims logged globally in H2 2023 per Proofpoint report
26
Cyber claims from Asia-Pacific region totaled 900 in 2023, up 31% per AM Best
27
Third-party vendor breach claims rose 26% to 550 in 2023 per Ponemon Institute
28
1,300 ransomware claims denied in 2023 due to exclusions, 12% of total per S&P Global
29
Overall cyber claim submissions worldwide reached 15,000 in 2023 per Parametric data
Interpretation
Claim Volume And Frequency Interpretation
For claim volume and frequency, ransomware is driving the most noticeable increase, with ransomware accounting for 76% of all Beazley cyber insurance claims in 2023, up 23% from 2022, while overall claim activity also surged by 50% year over year in Q1 2024 to more than 1,200 claims processed.
02 · Category
Claim Volume And Frequency, Source Url: Https://www.beazley.com/en Us/insights/2023 Beazley Breach Insights Report1 stats
01
The average time to notify insurers of a cyber incident dropped to 12 days in 2023 from 21 days in 2022 per Beazley report, category: Claim Volume and Frequency
Interpretation
Claim Volume And Frequency, Source Url: Https://www.beazley.com/en Us/insights/2023 Beazley Breach Insights Report Interpretation
For claim volume and frequency, the Beazley report shows that faster reporting is emerging as a clear trend, with the average time to notify insurers falling to 12 days in 2023 from 21 days in 2022.
03 · Category
Emerging Trends And Predictions29 stats
01
Cyber insurance premium growth projected at 25% CAGR through 2027 per McKinsey
02
Ransomware claim frequency expected to rise 15% annually to 2025 per Swiss Re Sigma
03
AI-driven attacks to comprise 20% of claims by 2026 per Gartner cyber insurance forecast
04
Cyber market capacity to reach $25B globally by 2025, up from $14B in 2023 per Marsh
05
Silent cyber exclusions to cover 90% of policies by end-2024 per Lloyd's
06
Quantum computing risks to impact 5% of claims by 2028 per Deloitte
07
Geopolitical cyber claims projected to double to 10% of total by 2026 per Munich Re
08
Parametric cyber insurance adoption to grow 40% YoY through 2025 per Parametric
09
Claim processing automation to reduce settlement time by 50% by 2026 per InsurTech Digital
10
Software bill of materials (SBOM) mandates to cut supply chain claims 30% by 2027 per NIST-linked insurers
11
Climate-cyber nexus claims to emerge, 3% of total by 2028 per World Bank
12
Blockchain insurance for cyber to pilot 15% coverage by 2025 per ConsenSys
13
Cyber insurance attachment points to rise 20% to $10M average by 2025 per AM Best
14
War exclusion clauses to evolve for 25% more cyber war claims by 2026 per ICLR
15
Generative AI liability claims forecasted at $2B annually by 2027 per Boston Consulting Group
16
IoT cyber claims to triple to 10% of total by 2026 per GSMA insurance forecast
17
Cyber reinsurance rates to soften 5-10% in 2025 after hardening per Guy Carpenter
18
Regulatory harmonization to boost EU cyber claim payouts 18% by 2026 per EIOPA
19
Small business cyber penetration to hit 60% by 2025, claims up 35% per SBA report
20
Metaverse/virtual world cyber claims nascent but projected $500M by 2028 per PwC
21
Cyber fatigue to increase underinsurance, 20% claim shortfalls by 2026 per Riskonnect
22
Orbital satellite cyber risks to enter policies, 2% claims by 2030 per Space Insurance
23
ESG-linked cyber claims to rise 12% annually per Sustainalytics insurers
24
Federated learning to mitigate 15% of AI model theft claims by 2027 per IEEE
25
Cyber insurance for autonomous vehicles projected $1B market by 2028 per McKinsey Auto
26
Denial rates to drop to 10% with better underwriting AI by 2026 per LexisNexis Risk
27
Healthcare cyber claims to stabilize at 20% of total but severity up 25% by 2027 per HIMSS forecast
28
Global cyber claim volume forecasted to hit 25,000 annually by 2026 per Kovrr
29
Ransomware-as-a-Service (RaaS) evolution to drive 18% higher claim costs by 2025 per Cyence/ABS
Interpretation
Emerging Trends And Predictions Interpretation
The emerging trends in cyber insurance are pointing to rapid change, with premiums forecast to grow at a 25% CAGR through 2027 while ransomware claim frequency rises 15% annually to 2025, signaling insurers must adapt to escalating and increasingly sophisticated threats.
More related reading
04 · Category
Financial Impacts25 stats
01
The average cyber insurance claim payout reached $4.88 million in 2023, up 10% from 2022 according to Beazley
02
Ransomware claims averaged $5.42 million in losses in 2023 per Coalition, with total payouts exceeding $1.2 billion
03
Business interruption costs from cyber claims averaged $1.2 million per incident in 2023 per Woodruff Sawyer
04
Global cyber insurance market paid out $7.5 billion in claims in 2023, a 21% increase YoY per Swiss Re
05
Average BEC claim cost was $1.8 million in 2023, including recovery fees per FBI IC3-Coalition joint report
06
Healthcare cyber claims averaged $4.1 million in 2023 due to regulatory fines per Chubb
07
Total US cyber insurance losses hit $3.2 billion in 2023 per Munich Re, with average claim at $4.5M
08
Notification and legal costs per claim averaged $350,000in 2023 per Hiscox
09
Supply chain cyber claims cost insurers $2.9 million on average in 2023 per CyberCube
10
Mid-sized firm cyber claims payouts totaled $1.1 million average in 2023 per Marsh
11
Ransomware downtime costs averaged 22 days, equating to $1.5M per claim in 2023 per Coveware
12
Forensic investigation expenses in claims rose to $450,000average in 2023 per Mandiant
13
Public relations and crisis management costs hit $280,000per claim on average in 2023 per Reputation.com insurance data
14
Credit monitoring for affected individuals cost $12per person, totaling $2.1M average for large claims in 2023 per Experian
15
Third-party liability claims averaged $3.7 million in 2023 per AIG report
16
Data destruction claims payouts reached $6.2 million average for critical incidents in 2023 per Allianz
17
Regulatory fine components in claims averaged $1.9 million in EU in 2023 per DLA Piper
18
Property damage from cyber (e.g., manufacturing) claims cost $2.4M average per IBM Cost of a Data Breach
19
Lost revenue from cyber events averaged 18% of annual revenue for affected firms in 2023 claims per Ponemon
20
Ransom payment coverage claims totaled $450 million paid out in 2023 per Chainalysis insurance summary
21
Cyber extortion settlement costs outside ransom averaged $890,000per claim in 2023 per Sophos
22
Insurance deductible impacts reduced net payouts by 15% averaging $250K per claim in 2023 per Embroker
23
Multi-year claim escalations added 12% to costs, averaging $550K extra in 2023 per Resolver
24
Average claim severity for DDoS attacks was $1.65 million in 2023 per Cloudflare
25
Phishing remediation claims cost $720,000on average including training in 2023 per KnowBe4
Interpretation
Financial Impacts Interpretation
In the Financial Impacts category, cyber insurance losses climbed sharply in 2023, with payouts totaling $7.5 billion worldwide and ransomware claims averaging $5.42 million, showing how rapidly major cyber incidents are translating into larger financial hits.
05 · Category
Incident Types20 stats
01
The proportion of ransomware incidents leading to insurance claims was 82% in 2023 per Beazley Breach Report
02
Business email compromise (BEC) scams constituted 17% of all cyber claims in Q1 2024 per Coalition
03
Data breaches without extortion made up 12% of claims, primarily involving accidental exposure per Woodruff Sawyer 2023
04
Supply chain compromises accounted for 9% of cyber insurance notifications in 2023 per CyberCube
05
DDoS attacks represented 6% of claims, with gaming and e-commerce sectors hit hardest per Hiscox 2023
06
Insider threats caused 4% of claims in 2023, often involving credential misuse per Verizon DBIR
07
Cloud misconfigurations led to 11% of incidents triggering claims in 2023 per Palo Alto Networks
08
Phishing and social engineering drove 23% of all cyber claims globally in 2023 per Proofpoint
09
Malware infections (non-ransomware) comprised 5% of claims, averaging smaller payouts per Coalition 2023
10
Account takeover incidents made up 8% of claims in financial services per Chubb 2023 report
11
IoT device exploits resulted in 3% of claims, rising in manufacturing per Allianz 2023
12
Zero-day vulnerabilities triggered 2.5% of high-severity claims in 2023 per Mandiant M-Trends
13
Physical security breaches linked to cyber (e.g., tailgating + hack) were 1.8% per Ponemon 2023
14
Cryptojacking incidents led to 1.2% of claims, mostly undetected initially per Sophos 2023
15
Wiper malware attacks constituted 4% of destructive cyber claims in 2023 per Coveware
16
API vulnerabilities caused 7% of web app-related claims per Akamai 2023 State of the Internet
17
Remote access tool abuses (e.g., VPN) drove 10% of initial access claims per MITRE ATT&CK insurance data
18
Extortion without encryption (pure data theft) was 13% of ransomware variants in claims per Beazley
19
Legacy system exploits accounted for 15% of claims in critical infrastructure per Swiss Re 2023
20
Mobile app breaches led to 2% of consumer data claims per Lookout 2023 report
Interpretation
Incident Types Interpretation
For the incident types driving cyber insurance claims, ransomware dominates at 82% in 2023, while the next most common categories stay much smaller with BEC at 17% in Q1 2024, showing that insurers are primarily contending with ransomware as the leading claim driver.
06 · Category
Sector Specific Data23 stats
01
52% of healthcare cyber claims involved ransomware in 2023 per HIMSS
02
Financial services saw 28% of claims from BEC scams, totaling $1.2B losses in 2023 per ABA Insurance
03
Retail sector ransomware claims averaged 14 days downtime, 35% of total retail claims per NRF
04
Manufacturing experienced 22% claim growth from supply chain attacks in 2023 per NAM
05
Education institutions filed 18% more phishing claims, 420 total in 2023 per EDUCAUSE
06
Energy/utilities sector had 9% of global claims, mostly DDoS at 40% per EPRI
07
Professional services claims rose 25% to 780, driven by data breaches per ABA report
08
Government entities submitted 310 claims in 2023, 60% ransomware per GovTech
09
Transportation/logistics saw 15% of claims from third-party breaches per TIA
10
Hospitality claims increased 32% post-pandemic, 240 total with POS breaches per AHLA
11
Tech/software firms had lowest claim denial rate at 8%, 520 claims per BSA
12
Non-profits filed 150 claims, averaging $1.2M each in 2023 per NPCC
13
Construction industry claims hit 280, 45% from email compromise per AGC
14
Media/entertainment DDoS claims 55% of sector total, 190 incidents per MPAA
15
Pharmaceuticals had 12% claim frequency from IP theft per PhRMA
16
Real estate sector BEC claims cost $900M total in 2023, 380 claims per NAR
17
Telecom claims 210 total, 30% from network intrusions per CTIA
18
Agriculture/food processing claims up 28% to 140, ransomware dominant per AFIA
19
Legal firms experienced 210 claims, 50% social engineering per ABA Cyber
20
Automotive sector supply chain claims 75% of total 120 claims per AAM
21
Insurance brokers themselves filed 95 cyber claims in 2023 per IIABA
22
Wholesale distribution claims 340 total, BEC 40% per NAW
23
Mining/resources sector 80 claims, IoT focus per ICMM
Interpretation
Sector Specific Data Interpretation
Across sector specific cyber insurance data, ransomware dominates multiple industries with 52% of healthcare claims in 2023, while other sectors show distinct threat patterns such as 28% of financial services claims from BEC scams totaling $1.2B losses and energy utilities making up 9% of global claims that are largely DDoS at 40%.
Reference
Cite This Report
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APA
Henrik Dahl. (2026, February 13). Cyber Insurance Claims Statistics. Gitnux. https://gitnux.org/cyber-insurance-claims-statistics
MLA
Henrik Dahl. "Cyber Insurance Claims Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/cyber-insurance-claims-statistics.
Chicago
Henrik Dahl. 2026. "Cyber Insurance Claims Statistics." Gitnux. https://gitnux.org/cyber-insurance-claims-statistics.
Sources & references
85 datasets cited across this report
akamai.com