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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 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. |
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