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Cyber Insurance Market

Cyber Insurance Market Size, Share & Trends Analysis Report By Company Size (Large Companies and Small & Medium-sized Companies) and Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector), By Region, And Segment Forecasts, 2024-2031

Report ID : 1634 | Published : 2024-04-17 | Pages: 180 | Format: PDF/EXCEL

The Global Cyber Insurance Market Size is valued at USD 16.46 billion in 2023 and is predicted to reach USD 90.26 billion by the year 2031 at a 23.94% CAGR during the forecast period for 2024-2031.

Key Industry Insights & Findings from the Report:

  • Rising awareness among businesses and consumers about the importance of cybersecurity is expected to boost demand in the market.
  • The increasing recognition of cyber threats is predicted to drive industry growth.
  • North America dominated the market and accounted for a revenue share of global revenue in 2023.
  • One of the significant threat restraining industry growth is the absence of standardized terminology.

cyber insurance

 

Cyber insurance is a specialized insurance product that protects against the financial risks of cybersecurity threats. It offers coverage for various crimes, including ransom, data loss, hacking, theft, disruption of service, and other online crimes. Organizations are more susceptible to electronic warfare and data breaches as the number of electronic devices used to store data increases.

One of the latest technologies that are evolving the fastest is cloud computing. It dismantles previous barriers in IT, creates new markets, encourages the mobility trend, and makes unified communications breakthroughs possible. Several IT stakeholders and businesses are turning to novel insurance models to evaluate the risks related to retaining sensitive data in the current cybersecurity climate.

Additionally, two of the newest and most promising technologies are blockchain and artificial intelligence (AI) technology, which are anticipated to offer risk analytics solutions and generate new business opportunities for the cyber insurance market growth.

 However, as cloud computing is a frequent target of cyberattacks, there is a greater need for cybersecurity insurance. Insurers will take a wider variety of security measures and solutions into account as the cyber insurance market expands. The importance of the data and an organization's capacity to appropriately protect it will be essential factors in assessing overall risk and influencing the adoption of new technologies. 

Recent Developments:

  • In March 2024, HSB, a specialty insurer owned by Munich Re, has lately revealed its intention to offer insurance coverage for clients affected by cyber attacks related to automobiles, as stated in a press statement released by the firm.
  • In March 2023, An alliance was formed between F-Secure and Allianz Partners in order to produce an all-encompassing cyber security suite that integrates insurance, protection, and prevention. The suite was provided by F-Secure, Allianz, and their respective partners. The recently formed collaborative alliance provided an all-encompassing assortment of insurance policies pertaining to cyber security and cyber care. It included parental control, browsing and banking protection, protection against virus and malware, and ID monitoring.

Competitive Landscape:

Some of the Cyber Insurance Market Players are:

  • Allianz
  • American International Group, Inc.
  • Aon plc
  • AXA
  • AXIS Capital Holdings Limited
  • BCS Financial Corporation
  • Beazley Group
  • Berkshire Hathaway Inc
  • Chubb (Switzerland)
  • CNA Financial Corporation
  • Lloyds of London Ltd
  • Lockton Companies, Inc
  • Munich Re
  • The Chubb Corporation
  • The Hanover Insurance, Inc.
  • Travelers Indemnity Company
  • Zurich Insurance 

Market Segmentation:

The cyber insurance market is segmented based on company size and industrial vertical. Based on company size, the market is segmented into large companies and small & medium-sized companies. By industrial vertical, the market is categorized into BFSI, IT & telecom, retail & e-commerce, healthcare, manufacturing, government & public sector and others.

Based On The Industrial Vertical, The BFSI Segment Is A Significant Contributor To The Cyber Insurance Market

The BFSI category will hold a major share of the global Cyber Insurance market in 2021. Cybersecurity concerns are likely to be sparked by the growing digitalization of businesses, buyer data expansion, mobile applications, and online banking. The banking sector is likely to be a popular target of hackers since it retains such a huge quantity of client data.

The Large Company's Segment Is To Witness Growth At A Rapid Rate

The large company's segment is projected to grow rapidly in the global Cyber Insurance market development. Large companies are investing more in cutting-edge technology and the quick acceptance of cyber insurance due to the greater risk of viruses and ransomware brought on by connected infrastructure. Large businesses produce enormous amounts of sensitive business data and use cloud- and IoT-based technology. This is one of the main reasons anticipated to significantly boost this segment's revenue growth during the forecast period, along with the execution of cybersecurity regulations and the growing requirement to secure the security and safety of their clients., especially in countries such as the US, Germany, UK, China, and India.

The North American Cyber Insurance Market Holds A Significant Regional Revenue Share

The North American Cyber Insurance Market position is expected to report the highest market share in revenue soon. The growing frequency of cyberattacks and the significant risk of data loss are likely to be attributed to the region's need for cybersecurity insurance. The United States is anticipated to undergo rapid development because of the nation's strict cybersecurity regulations and tight government supervision. Additionally, the nation's significant presence of prominent cyber insurance companies is predicted to support Cyber Insurance Market development. In addition, Asia Pacific is projected to grow at a rapid rate in the global Cyber Insurance market. Due to the growing number of international corporations, particularly in developing nations, the rise in cybercrimes across various economic sectors, and the untapped market potential given by emerging nations like India and China.

Cyber Insurance Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 16.46 Bn

Revenue forecast in 2031

USD 90.26 Bn

Growth rate CAGR

CAGR of 23.94% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Million, and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Company Size And Industrial Vertical

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc, Lloyd’s of London Ltd, Lockton Companies, Inc, Munich Re, The Chubb Corporation, Zurich

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Cyber Insurance Market Snapshot

Chapter 4. Global Cyber Insurance Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Company Size Estimates & Trend Analysis
5.1. by Company Size & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Company Size:

5.2.1. Large Companies
5.2.2. Small & Medium-sized Companies

Chapter 6. Market Segmentation 2: by Industry Vertical Estimates & Trend Analysis
6.1. by Industry Vertical & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Industry Vertical:

6.2.1. BFSI
6.2.2. IT & Telecom
6.2.3. Retail & E-commerce
6.2.4. Healthcare
6.2.5. Manufacturing
6.2.6. Government & Public Sector
6.2.7. Others

Chapter 7. Cyber Insurance Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2024-2031
7.1.2. North America Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Industry Vertical, 2024-2031
7.1.3. North America Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.2. Europe

7.2.1. Europe Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2024-2031
7.2.2. Europe Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Industry Vertical, 2024-2031
7.2.3. Europe Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2024-2031
7.3.2. Asia Pacific Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Industry Vertical, 2024-2031
7.3.3. Asia Pacific Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.4. Latin America

7.4.1. Latin America Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2024-2031
7.4.2. Latin America Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Industry Vertical, 2024-2031
7.4.3. Latin America Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Company Size, 2024-2031
7.5.2. Middle East & Africa Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by Industry Vertical, 2024-2031
7.5.3. Middle East & Africa Cyber Insurance Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles


8.2.1. Allianz
8.2.2. American International Group, Inc.
8.2.3. Aon plc
8.2.4. AXA
8.2.5. AXIS Capital Holdings Limited
8.2.6. BCS Financial Corporation
8.2.7. Beazley Group
8.2.8. Berkshire Hathaway Inc
8.2.9. Chubb (Switzerland)
8.2.10. CNA Financial Corporation
8.2.11. Lloyds of London Ltd
8.2.12. Lockton Companies, Inc
8.2.13. Munich Re
8.2.14. The Chubb Corporation
8.2.15. The Hanover Insurance, Inc.
8.2.16. Travelers Indemnity Company
8.2.17. Zurich Insurance
8.2.18. Other Prominent Players

Segmentation of Cyber Insurance Market-

Cyber Insurance Market By Company Size     

  • Large Companies
  • Small & Medium-sized Companies

cyber insurance

Cyber Insurance Market By Industry Vertical

  • BFSI
  • IT & Telecom
  • Retail & E-commerce
  • Healthcare
  • Manufacturing
  • Government & Public Sector
  • Others

Cyber Insurance Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Cyber Insurance Market?

Cyber Insurance Market expected to grow at a 23.94% CAGR during the forecast period for 2024-2031

Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc, Lloyd’s of London Ltd, Lockton Companies, Inc, Munich Re, The Chubb

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