Australian Cyber Insurance Market Shows Profitability Yet Remains Stagnant

• •Australian cyber insurance has achieved consistent profitability for three quarters.
• •Gross written premiums for cyber insurance remain below $73 million, less than 0.2% of total GWP.
• •Only 6,000 cyber risks were written in March 2026, indicating low market penetration.

The Australian cyber insurance market has shown consistent profitability for three consecutive quarters, with reported insurance service results of $17 million in September 2025, $10 million in December 2025, and $10 million in March 2026. Despite this financial stability, the market remains small, with gross written premiums never exceeding $73 million in a quarter and accounting for less than 0.2% of total industry GWP. The number of risks written in March 2026 was only 6,000, compared to millions in other insurance categories. Low net claims have contributed to the profitability, but many businesses still lack cyber insurance coverage, leading to concerns from industry experts. The distribution challenge is cited as a major constraint in expanding the market. Jeffrey Gonlin, chief underwriter at Emergence Insurance, expressed concern over the low uptake of cyber insurance among businesses, highlighting a lack of urgency in addressing cyber risks.