The Cyber Insurance Global Market Report 2020-30 by The Business Research Company describes and explains the global cyber insurance market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The Cyber Insurance Global Market Opportunities And Strategies Report covers cyber insurance market drivers, cyber insurance market trends, cyber insurance market segments, cyber insurance market growth rate, cyber insurance market major players, and cyber insurance market size.
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The cyber insurance market report focuses particularly on identifying the trends, opportunities, and strategies that can lead to success. O&S reports are available off the shelf and can be delivered to clients on the day of purchase.
Cyber Insurance Global Market Opportunities And Strategies Report is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market. The chapter also covers markets which have been positively affected by the pandemic.
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Trends in the market include:
Increasing Use Of Big Data By Global Insurers-
Cyber insurance providers are increasingly using big data analytics solutions for faster claim assessment and risk identification. Big data is being used in claims management, pricing, underwriting and risk selection processes among others. This growth in the use of big data is mainly driven by increasing points of contact including social media, which provides a bulk of data that can be transformed into insights by insurers to efficiently execute the settlement process. Big data consists of high-volume, high-variety and high-velocity information, and this benefits insurers in multiple ways such as faster identification and reporting of events, automatic claim assessment and calculation of loss reserves. According to a survey by Willis Towers Watson, a UK-based risk management, insurance brokerage and advisory company, in 2017, 46% of insurance providers were using big data analytics solutions to analyze unstructured internal claim information, and this is expected to increase to 92% by 2020.
Shift From Endorsement To Standalone Policies-
Cyber insurance companies are seeing a shift of policy buyers from endorsement to standalone policies. Endorsement policies are attached to property and casualty policies, whereas standalone cyber insurance policies refer to insurance policies covering threats from cybersecurity breach events. Standalone cyber insurance policies typically offer liability coverage for losses related to data breaches. Businesses filing a cyber-incident related insurance claim under standalone policies are able to receive monetary compensation of their legal and investigative fees as well as the cost the loss incurred . According to PartnerRe’s survey among cyber insurance policy holders, the availability of the dedicated limits for cyberattacks was the major reason for the shift from endorsement to standalone policies. Other reasons for the shift included demand for expanded Business Interruption coverage, expanded coverage of other areas by endorsement policies, and expanded monetary limit in case of the data breach .
The market is segmented:
By Type Of Insurance-
- a) Standalone
- b) Package
- c) Personal
By Size Of Business-
- a) Mid
- b) Large
- c) Small
By Type Of Claim-
- a) Ransomware
- b) Hacker
- c) Business Email Compromise
- d) Malware/Virus
- e) Phishing
- f) Others
- g) Third Party
- h) Rogue Employee
- i) Legal Action
- j) Paper Records
- k) Programming Error
- l) Staff Mistake
- m) Lost/Stolen Laptop/Device
By End-Use –
- a) Professional Services
- b) Media
- c) Healthcare
- d) Others
- e) Government Bodies (Public)
- f) Financial Services
- g) Retail And Wholesale
- h) Education
- i) Manufacturing
- j) IT Services
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