The most recent market study on the Global Cyber Insurance Market by RationalStat examines the regional market according to the type of cyber loss and coverage type, enterprise size and size, insurance type, final customer, and region. The report is a thorough analysis of the market. It gives an overall market size, both historical and forecast in terms of value (US million dollars a thorough market assessment (year-on-year expansion). Market share analysis, the growth in the industry of insurance, an overview of competition strategic imperatives, strategies and plans, and applications, a key region of application growth drivers, the most recent research and development in cyber insurance around the world including claims analysis, competitive analysis of the main companies that are analyzed in the cyber insurance global market research.
Market Overview and Dynamics
The market for cyber insurance was estimated at US$ 9.0 billion in 2022 and is projected to expand at a rapid growth rate of 23.4 percent during the period between 2022 and 2028. The main factors that drive the expansion of the cyber insurance market are the growing complexity of cyber-attacks, and the increase in ransomware attacks, which resulted in a ransom amount of US$426 by 2020.
Market Trends and Drivers in the Global Cyber Insurance Market
In Regions like Europe or North America, the presence of strict regulations by the government is likely to increase the market for cybersecurity insurance. Furthermore, the regional firms are renowned for their technology use and host a number of technologically advanced companies.
In addition, the Indian business sector is increasingly investing in cyber insurance coverage policies to shield itself against the adverse impact of pervasive cyber threats that include malware attacks, email comprises phishing, insider attacks, crypto-jacking, and (nation-state) sponsored cyber-attacks on critical infrastructure-driven businesses.
- The annual amount of cyber insurance coverage that companies typically purchase ranges between US$ 1 million (small businesses) to US$ 200 million (large IT service companies) and is increasing by 35 percent over the past 3 years.
Additionally, the market for cyber insurance is growing quickly as companies launch customized or tailored cyber insurance policies that meet the changing preferences of consumers and meet their requirements. Within Asia Pacific, the insurance regulators and the key players within the insurance industry should create rules that are clear and better structured in regions of commercial cyber insurance coverage (what policies cover and what they are not covered and, more importantly, the policies that should or shouldn’t be able to cover) in order to help policy-buyers, resulting in a better market density, which directly has an impact positive on improving cybersecurity across the region.
Segmental Analysis: Global Cyber Insurance Market
- On the basis of cyber loss type, the digital damage category is dominating the global market as it exposes the company’s sensitive data and client information, the safety of which is of utter importance to an organization. However, physical damage is also gaining traction as cybercriminals are focusing on capturing access to physical assets through digital hacking.
- Based on the insurance type, custom/tailored cyber insurance policies are expected to gain traction in the upcoming years as customized cyber insurance policies provide the end users with flexibility and chose options that cater to their needs.
Competition Analysis and Market Structure
The global cyber insurance market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the cyber insurance market are focusing on providing coverage for all kinds of liabilities that hamper routine activities of a firm after a cyberattack to provide to evolving consumer preferences.
Moreover, players and insurance companies operating in the cyber insurance market adopt various strategies to increase their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, Partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global cyber insurance market include,
- In Jan 2023, San Francisco-based At-Bay become a full-stack insurance carrier with the acquisition of At-Bay Specialty Insurance Company (At-Bay SIC) from XL Insurance America, Inc.
- At-Bay said the move to a full-stack carrier will allow the company to better serve its policyholders and accelerate planned product expansion into additional specialty lines, giving At-Bay more control over the entire insurance value chain while strengthening its commitment to the wholesale channel.
- In Jan 2023, Coalition’s UK business began trading as an approved Lloyd’s cover holder. Last year, Coalition launched an independent Bermuda-based Class 3B reinsurer, Ferian Re, that catered to provide capacity across Coalition’s cyber programs.
Some of the key players operating in the global cyber insurance market include Traveler Indemnity Company, AXA AL, Chubb, American International Group, Inc, Beazley Group, AXIS Capital, BCS Financial Corporation, Zurich Insurance, CNA Financial Corporation, The Hanover Insurance Group, Bajaj Allianz, ICICI Lombard, Tata AIG, HDFC Ergo and Lloyds India among others.
RationalStat has segmented the global cyber insurance market on the basis of cyber loss type, coverage type, enterprise size, insurance type, end user, and region.
- Global Cyber Insurance Market Value (US$ Million), and Market Share (2019-2028) Analysis by Cyber Loss Type
- Digital Damage
- IP Theft
- Business Interruption
- Digital Assets
- Physical Damage
- Digital Damage
- Global Cyber Insurance Market Value (US$ Million), and Market Share (2019-2028) Analysis by Coverage Type
- First-Party
- Liability Coverage
- Forensics
- Notification
- Credit Monitoring
- Public Relations
- Reputational Risk
- Legal Defense
- Settlement Costs
- Crisis Management
- Recovery Costs
- Regulatory Fines
- Global Cyber Insurance Market Value (US$ Million), and Market Share (2019-2028) Analysis by Enterprise Size
- Standalone
- Custom/Tailored
- Global Cyber Insurance Market Value (US$ Million), and Market Share (2019-2028) Analysis by Enterprise Size
- SMEs
- Large Enterprises
- Global Cyber Insurance Market Value (US$ Million), and Market Share (2019-2028) Analysis by End User
- Healthcare
- Retail
- BFSI
- Retail
- IT & Telecom
- Manufacturing
- Others (Government, Travel & Tourism, etc.)
- Global Cyber Insurance Market Value (US$ Million), and Market Share (2019-2028) Analysis by Region
- North America Cyber Insurance Market
- US
- Canada
- Latin America Cyber Insurance Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Cyber Insurance Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Cyber Insurance Market
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific Cyber Insurance Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa Cyber Insurance Market
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America Cyber Insurance Market
For more information about this report https://store.rationalstat.com/store/global-cyber-insurance-market-analysis-and-forecast-2019-2028/
Key Questions Answered in the Cyber Insurance Report:
- What will be the market value of the Global Cyber Insurance Market by 2028?
- What is the market size of the Global Cyber Insurance Market?
- What are the market drivers of the Global Cyber Insurance Market?
- How many Cyber Insurance are sold each year?
- What are the key trends in the Global Cyber Insurance Market?
- Which is the leading region in the Global Cyber Insurance Market?
- What are the major companies operating in the Global Cyber Insurance Market?
- What are the market shares by key segments in the Global Cyber Insurance Market?
