Cyber premiums in Q3 2026: prices still falling, the United States holds flat

In the third quarter of 2026 cyber insurance prices fell 4% globally, the same as the previous quarter, while US prices held flat. Europe fell 9%. With NAIC data on the US market, the AMRAE study on France and the questions to bring to renewals.

Cyber premium trends · third quarter of 2026 · by cybercoverinsurance

In the third quarter of 2026 cyber insurance renewal prices fell 4% on average worldwide. It is the thirteenth consecutive quarter of decline, at the same pace as the second quarter (Marsh). In the United States prices were flat after a long run of reductions. Every other region is still falling, by between 6% and 11%.

The decline is slowing: in the fourth quarter of 2025 the global reduction was 7% (Marsh). For cyber underwriters, the question is whether the US market signals a turning point or remains an isolated case.

The quarter in numbers

Global: −4%, as in the second quarter of 2026.
United States: 0%, after a long run of declines (Marsh, United States).
Europe: −9%, the same as the two previous quarters (Marsh, Europe).
United Kingdom: −7%, after −5% in the second quarter (Marsh, United Kingdom).
Pacific: −8%, after −6% (Marsh, Pacific).
Asia: −6%, after −8% (Marsh, Asia).
Latin America and Caribbean: −11%, after −10% (Marsh, Latin America and Caribbean).
India, Middle East and Africa: −10%, the twelfth consecutive quarter of decline (Marsh, IMEA).

The UK and the Pacific are falling faster, Asia more slowly. Europe has held the same pace for three quarters. Charts and full series are in the cyber premiums barometer.

United States: more policies, a rising loss ratio

The NAIC annual report, published on 21 October 2026, gives the context for the US market. In 2025 cyber direct written premiums reached 9.46 billion dollars including alien surplus lines insurers, of which 7.46 billion was written by US-domiciled insurers (NAIC). Policies in force rose 33% to 5.84 million. Reported claims rose 20% to 56,323.

According to Business Insurance's summary of the same report, total premiums grew 3.5% after a 7.1% fall in 2024. The market loss ratio rose to 53% from 48.7%, the second annual increase in a row. Nearly two policies in three are cyber endorsements to other policies, which account for only about 4% of premiums (Business Insurance).

Editorial reading. A loss ratio rising for two years, after a long phase of falling prices, narrows technical margins. The end of US price cuts is consistent with that picture. The available data do not show whether it is the start of an increase.

France: lower premiums, more insured companies

The annual LUCY study by AMRAE puts French cyber premiums at 306 million euros in 2025, against 317 million in 2024 and 328 million in 2023 (AMRAE). In the same study the number of insured companies rises from 14,124 to 20,996. More buyers and lower total premiums mean a lower average premium.

What it means for underwriters

Price pressure stays strong outside the United States. Global reductions have now run for thirteen quarters. A rate reduction at renewal holds up when it is tied to verified controls, not only to competition between insurers.

Cover is widening. In the UK insurers are considering broader cover to win new business, while cyber exclusions are also under discussion (Marsh, United Kingdom). In Europe cyber exclusions in property policies are a point of attention where cyber-physical exposures overlap (Marsh, Europe).

The cycle moves with claims. In the United States more claims and more small policies are changing portfolio mix. The same pattern, a few years later, is a scenario to consider for growing European markets.

Impact for insurersMedium

Prices still falling outside the United States and a rising US loss ratio point to narrowing technical margins, without a turn in the cycle yet.