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Fitch: US cyber premiums grew 54% in 2017

Cyber insurance stand-alone and package premiums jumped 54% to total $2.0 billion in 2017, according to Fitch Ratings.

Among the leading writers of combined cyber premiums were Chubb Ltd. and American International Group Inc., according to the rating agency.

Standalone direct written premiums climbed 7% to $986 million in 2017, Fitch said, with AIG as the largest stand-alone cyber writer.

The industry statutory direct loss ratio for stand-alone cyber insurance dropped to 35% in 2017, from 43% in 2016. Fitch said that this result indicates "strong underlying profitability thus far in the cyber market."