Cyber Insurance Market was valued at a worth of USD 11.06 billion in 2021 and is estimated to grow at a CAGR of 22% during the forecast period 2022–2031.
A cyber security breach or other similar occurrences can be covered by cyber insurance. In order to reduce risk exposure by compensating the costs associated with recovering from internet-based cyber losses, it offers coverages relating to both first parties and claims made by third parties. Indemnification from litigation resulting from data breaches, loss of privacy, and other losses are frequently included. Cyber insurance solutions have been more popular as a result of the intensification and regularity of these attacks, which pose a threat to people, businesses, and nations. Businesses that experience a cyberattack may experience a drop in customer base, business interruption, regulatory fines, legal penalties & attorney fees, loss of intellectual property, and reputational harm.
Due to the growth of the Internet and the risks associated with online browsing, a novel insurance product called “cyber insurance” has recently become available. It enables businesses to take financial precautions against ransomware, malware, and other threats that could compromise the integrity of their operations. The report has examined the COVID-19 pandemic and its fatal repercussions on the sector.
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Key Players
Some of the major companies operating within the global cyber insurance market are Chubb INA Group, Fairfax Financial group, XL Reinsurance America Group, Tokio Marine US PC Group, American International Group, Travellers Group, Beazley USA Insurance Group, CAN Insurance Companies, Arch Insurance Group, Zurich Insurance U.S PC Group, Liberty Mutual Insurance Companies and others.
Segments
By Product
- Standalone
- Tailore
By Coverage Type
- First Party
- Liability Coverage
By Enterprise Size
- SME
- Large Enterprise
By End-User
- Healthcare
- Retail
- BFSI
- IT and Telecom
- Manufacturing
- Others
Reasons to Purchase this Market Report:
- The competitive environment includes the proportions of important players, recent innovations, and strategy.
- Companies with extensive product offerings, pertinent financial data, recent advancements, SWOT analyses, and player tactics.
- Quantitative, qualitative, value (in USD million), and volume (in units million) data are among the segments and sub-segments.
- The research contains a wealth of data, including market dynamics and opportunities throughout the forecast period.
- Data at the regional, sub-regional, and national levels also provides information on the market’s supply and demand dynamics.
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