Insurance Canary

Cyber premiums fell for the first time ever. That's not good news.

US cyber insurance direct premiums declined 2.3% to $7.08B in 2024, the first drop since NAIC tracking began. The cause is competitive capacity, not lower risk. Loss ratios are creeping toward 50%, the best commercial risks are leaving for captives, and threat severity is rising. This issue reads the move as a forward signal and maps three concrete planning scenarios for policyholders and SMB owners.