Cyber insurance is still growing fast, but the pressure inside underwriting is tightening just as quickly. For example, average time to contain a breach hit 83 days in 2023 while premiums jumped 20% to 50% in 2023 for some industries, and 40% of buyers in 2024 said deductibles increased. The result is a market where coverage terms, exclusions, and claims timelines can swing meaningfully, even for policies that look similar on paper.
Key Takeaways
- $11.2 billion global cyber insurance market size in 2023, up from $9.0 billion in 2022
- $4.3 billion global cyber insurance market size in 2022 (forecasting continued growth through 2030)
- 34% of commercial cyber insurance policies had limits of at least $1 million (US) in 2022
- The NAIC reported 1.3 million cybersecurity-related complaints and inquiries between 2018–2023 (consumer-facing)
- US HHS/OCR breach notifications exceeded 132 million individuals affected cumulatively through 2024 (public reporting)
- 46% of US companies purchased cyber insurance to meet contractual requirements in 2023
- In 2024, 64% of UK boards were concerned about cyber risk and liability (board survey result)
- US cyber insurance underwriting losses exceeded $8 billion in 2020 (industry estimates)
- Average time to contain a breach was 83 days in 2023
- In 2023, 36% of breaches involved the use of stolen credentials per Verizon DBIR
- Cyber insurance availability was constrained in 2022 for ransomware coverage in many markets (carrier appetite tightened)
- Cyber insurance premiums increased by 20%–50% in 2023 for some industries and coverages (US industry reports)
- In 2024, 43% of cyber insurance buyers said deductibles increased
- 50% of cyber insurance claims are associated with business interruption loss calculations (industry estimate)
- Average cyber claim settlement time was 284 days in 2023 (claims analytics)
Cyber insurance is rapidly growing but underwriting and costs are rising, as breaches and exclusions shape coverage.
Related reading
01 · Category
Market Size2 stats
01
$11.2 billion global cyber insurance market size in 2023, up from $9.0 billion in 2022
02
$4.3 billion global cyber insurance market size in 2022 (forecasting continued growth through 2030)
Interpretation
Market Size Interpretation
From a market size perspective, the global cyber insurance market is showing strong growth, rising to $11.2 billion in 2023 from $9.0 billion in 2022.
02 · Category
Industry Trends3 stats
01
34% of commercial cyber insurance policies had limits of at least $1 million (US) in 2022
02
The NAIC reported 1.3 million cybersecurity-related complaints and inquiries between 2018–2023 (consumer-facing)
03
US HHS/OCR breach notifications exceeded 132 million individuals affected cumulatively through 2024 (public reporting)
Interpretation
Industry Trends Interpretation
As the industry trend data shows, in 2022 34% of commercial cyber insurance policies carried at least $1 million in limits, reflecting how escalating cyber exposure aligns with a period when consumer-facing complaints and inquiries reached 1.3 million from 2018 to 2023 and public breach notifications have already impacted over 132 million people cumulatively through 2024.
03 · Category
User Adoption2 stats
01
46% of US companies purchased cyber insurance to meet contractual requirements in 2023
02
In 2024, 64% of UK boards were concerned about cyber risk and liability (board survey result)
Interpretation
User Adoption Interpretation
In the user adoption of cyber insurance, a clear rise in formal commitment is evident as 46% of US companies bought policies in 2023 to satisfy contractual requirements, while in the UK 64% of boards in 2024 were already worried about cyber risk and liability, signaling that more organizations are moving from awareness to uptake.
More related reading
04 · Category
Losses And Risk3 stats
01
US cyber insurance underwriting losses exceeded $8 billion in 2020 (industry estimates)
02
Average time to contain a breach was 83 days in 2023
03
In 2023, 36% of breaches involved the use of stolen credentials per Verizon DBIR
Interpretation
Losses And Risk Interpretation
Under the Losses And Risk lens, cyber insurance underwriting losses topped $8 billion in 2020 while breaches took an average of 83 days to contain in 2023 and 36% involved stolen credentials, showing both rising financial exposure and persistent high severity risk drivers.
05 · Category
Pricing And Underwriting6 stats
01
Cyber insurance availability was constrained in 2022 for ransomware coverage in many markets (carrier appetite tightened)
02
Cyber insurance premiums increased by 20%–50% in 2023 for some industries and coverages (US industry reports)
03
In 2024, 43% of cyber insurance buyers said deductibles increased
04
40% of cyber insurance policies have a non-affirmative cyber exclusion or expanded war/terrorism-related language (survey)
05
37% of buyers reported insurers require endpoint detection and response (EDR) as a prerequisite in 2023
06
Underwriting scrutiny was highest in the US; 62% of insurers required annual security testing for higher limits in 2023
Interpretation
Pricing And Underwriting Interpretation
In the Pricing And Underwriting landscape, tightening risk appetite and higher cost pressure are clearly linked, with premiums rising 20% to 50% in 2023 while 62% of US insurers required annual security testing for higher limits and 43% of buyers reported deductible increases in 2024.
06 · Category
Performance Metrics5 stats
01
50% of cyber insurance claims are associated with business interruption loss calculations (industry estimate)
02
Average cyber claim settlement time was 284 days in 2023 (claims analytics)
03
Loss adjustment expense accounted for 12% of cyber claim cost in 2022 (industry dataset)
04
In 2023, 43% of cyber risk purchasers reported that cyber insurance helped them access incident response vendors faster (survey)
05
Cyber insurance buyers that conduct tabletop exercises reported 25% lower expected downtime per insurer modeling (survey/benchmark)
Interpretation
Performance Metrics Interpretation
Performance metrics show that cyber insurance claims are taking an average of 284 days to settle and that 43% of purchasers say it speeds access to incident response vendors, indicating strong operational impact alongside the measurable burden of long-duration claims.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
David Kowalski. (2026, February 13). Cyber Insurance Statistics. Gitnux. https://gitnux.org/cyber-insurance-statistics
MLA
David Kowalski. "Cyber Insurance Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/cyber-insurance-statistics.
Chicago
David Kowalski. 2026. "Cyber Insurance Statistics." Gitnux. https://gitnux.org/cyber-insurance-statistics.
Sources & references
21 datasets cited across this report · attribution is report-level
+4 additional datasets cited (not shown individually)