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Loss ratio (incurred losses / earned premium) on At-Bay's cyber book. Industry-wide cyber loss ratios spiked above 70% in 2020-2021 as ransomware claims surged. At-Bay's vertically-integrated security service (MDR + vulnerability scanning bundled with each policy) helped collapse its loss ratio to the mid-50s by 2024 — best-in-class for the segment. 2025 figure is an estimate from At-Bay Series E commentary + Munich Re Ventures portfolio updates (est.).
2020 — 2025
Source: At-Bay press releases, NAIC cyber insurance supplement, Munich Re Ventures commentary, S&P Global cyber market surveys (Updated: 2026-05)
Annual count of in-force cyber + tech E&O policies. Grew from initial pilot books (~1K in 2018) to ~80K SMB and mid-market policies by 2024. Pre-2022 counts are estimates from Series B/C/D press; 2024 figure is corroborated by the company's $1.35B Series E disclosures (est.).
2018 — 2025
Source: At-Bay press releases, Munich Re Ventures portfolio commentary, ICONIQ Growth disclosures (Updated: 2026-05)