Cyber Insurance Market Size By Application, Industry Analysis Reports, Regional Outlook (North America, Europe, Asia Pacific, Middle East & Africa, And South America), Growth Potential, Price Trends, Competitive Market Shares & Forecast 2023 - 2030 (Financial Impact Analysis)
ID : MRU_
22446 | Date :
Jan, 2023 | Pages :
180 | Region : Global |
Publisher : RI
Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
With cyber-attacks becoming the norm these days, even threatening to expand into a global epidemic, cyber-risk insurers across the globe are seeing organizations and end users scramble for protection from possible data and information security disasters.
North America dominates the cyber insurance market and accounts for around 89% of the overall cyber insurance market in 2016. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.
Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.
The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.
The Global Cyber Insurance Market had reached xxx million USD with a CAGR xx from 2018-2022. Later on, it will go to xxx million USD in 2023 with a CAGR xx % from 2023 - 2030.
In the global Cyber Insurance Market, This report focuses particularly in North America, South America, Europe and Asia-Pacific, and Middle East and Africa. This report classifies the Market on the basis of application, type, regions, and manufactures.
In Market segmentation by manufacturers, the report covers the following companies-
AIG
Chubb
XL Group
Beazley
Allianz
Zurich Insurance
Munich Re Group
Berkshire Hathaway
AON
AXIS Insurance
Lockton
CNA
Travelers
BCS Insurance
Liberty Mutual
In Market segmentation by geographical regions, the report has analysed the following regions-
North America (USA, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
In Market segmentation by types :
Stand-alone Cyber Insurance
Packaged Cyber Insurance In Market segmentation by applications :
Financial Institutions
Retail and Wholesale
Healthcare
Business Services
Manufacturing
Technology
Others
The research provides answers to the following key questions:
• What is the estimated growth rate and Market share and size of the Cyber Insurance Market for the forecast period 2023 - 2030?
• What are the driving forces in the Cyber Insurance Market for the forecast period 2023 - 2030?
• Who are the prominent Market players and how have they gained a competitive edge over other competitors?
• What are the Market trends influencing the progress of the Cyber Insurance industry worldwide?
• What are the major challenges and threats restricting the progress of the industry?
• What opportunities does the Market hold for the prominent Market players? Any special requirements about this report, please let us know and we can provide custom report.
Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.
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