US cyber insurance crossed another scale threshold in 2025. Premium approached $9.5 billion, domestic policy count rose sharply, and loss performance moved in the wrong direction while prices declined. For executives allocating capacity, approving package strategy, or negotiating cyber protection, headline growth leaves the more consequential portfolio question partly obscured: where risk is entering.

This week’s deep dive covers:

In the 2025 reporting year, endorsements accounted for 62.8 percent of domestic cyber policies in force. They accounted for only 3.9 percent of domestic cyber premium. That is the contradiction inside the National Association of Insurance Commissioners cyber insurance report released on October 21, 2026, and it matters because the fastest expanding policy form is producing the weakest premium signal.

The official NAIC release put total US cyber insurance direct written business at approximately $9.46 billion in 2025, including alien surplus lines, up 3.5 percent. Domestic cyber direct written business reached about $7.46 billion, up from $2.75 billion in 2020, which is why NAIC described the domestic market as having “nearly tripled” since 2020. Domestic policies in force rose 33 percent to 5.84 million. Reported domestic cyber claims rose 20 percent to 56,323. The industry wide loss ratio increased to 53 from 48.7.