This article examines the determinants of cyber insurance participation, the amount of coverage offered and the performance of current cyber insurers. Our results support the competitive advantage hypothesis, but only partially support the business growth constraint hypothesis. We find that insurers offer cyber insurance to capitalise on their competitive advantage in understanding and pricing cyber risks. In particular, professional surplus insurers and insurers with surplus insurer affiliation demonstrate a competitive advantage in cyber insurance participation. We find limited evidence that insurers participate in cyber insurance to compensate for constraints on business growth. In addition, the type (standalone or packaged) and amount of coverage offered vary substantially across firm characteristics. Standalone coverage incurs higher loss ratios than packaged coverage, demonstrating its riskier nature. Changes in cyber insurance loss ratios are not driven by premium growth but by claim frequency and severity growth, emphasising the significance of cyber insurance policy design.

中文翻译：

---

网络保险产品和性能：对美国网络保险市场的分析

本文研究了网络保险参与度的​​决定因素，提供的保险范围以及当前网络保险公司的表现。我们的结果支持竞争优势假设，但仅部分支持业务增长约束假设。我们发现，保险公司提供网络保险是为了利用其在了解和定价网络风险方面的竞争优势。尤其是，专业盈余保险人和具有盈余保险人隶属关系的保险人在参与网络保险方面显示出竞争优势。我们发现有限的证据表明保险公司参加了网络保险以弥补业务增长的限制。此外，所提供的类型（独立或打包）和承保范围因公司特征而异。独立的承保范围比打包承保范围导致更高的损失率，这表明其风险性更高。网络保险损失率的变化不是由保费增长驱动，而是由索赔频率和严重性增长驱动，从而强调了网络保险政策设计的重要性。