Cyber insurance provides coverage against internet-based risks for businesses and individuals. It typically includes losses from network security breaches, loss of privacy, indemnification from lawsuits related to data breaches, and others. In addition, cyber insurance covers business' liability for a data breach involving sensitive customer information, such as account numbers, social security numbers, credit card numbers, and others. Cyber-attacks have an adverse impact on businesses such as declining customer base, disruption of business, regulatory fines, legal penalties & attorney fees, loss of intellectual property, and reputational damage. These attacks have escalated in terms of intensity and frequency, posing a threat to individuals, organizations, and countries, which have been driving the adoption of cyber insurance solutions. In addition, the cyber insurance market is the area of business that offers insurance protection against financial liabilities and losses brought on by cyberattacks, data breaches, and other cybersecurity catastrophes. It aids in financial self-defense for both enterprises and people against threats associated with cyberspace. Furthermore, cyber insurance market is focused on offering protection and coverage against monetary losses and liabilities brought on by cyber-related risks and incidents. By providing financial compensation and support for reaction and recovery efforts, this kind of insurance aids people and businesses in minimizing the financial effect of occurrences like data breaches, cyberattacks, ransomware, and other cybersecurity threats. Legal costs, company interruption, data breach response, and other facets of cyber risk are often covered by cyber insurance coverage.
The cyber insurance market is driven by the the rise in mandatory legislation regarding cybersecurity. Businesses are legally required by these regulations to safeguard sensitive data and protect against online risks. Significant fines and legal penalties may follow non-compliance. In order to help cover the expenses of compliance and potential fines in the event of a security breach, businesses are increasingly searching for cyber insurance. Furthermore, increasing in frequency and sophistication of cyber threats play a major role for growth of the cyber insurance market. However, high cost coverage could hamper the expansion of cyber insurance markets. Cyber insurance policies may be costly for smaller companies, start-ups, and individuals due to high premiums and coverage expenses. Because of financial limitations, certain organizations may decide not to get coverage. Furthermore, lack of standardized policy must restrict the cyber insurance market growth. On the contrary, the cyber insurance market can benefit from an expansion of product and services. Cyber insurers can use cutting-edge technologies and data analytics to enhance risk assessment with extended products and services. This makes pricing and underwriting more precise and increases the affordability and accessibility of coverage.
The cyber insurance market is segmented on the basis of coverage, enterprise size, industry vertical, and region. By coverage, the market is segmented into data breach, cyber liability, first-party coverage, third-party coverage, and others. By enterprise size, it is segmented into large enterprise, and small and medium-sized enterprise. On the basis of industry vertical, it is segmented into BFSI, IT and Telecommunication, retail and E-commerce, healthcare, manufacturing, government and public sector, and others. By region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The report analysis the profiles of key players operating in the cyber insurance market such as Allianz, American International Group Inc., Aon plc, AXA, Bekshire Hathway Inc., Lloyd’s of London Ltd, Lockton Companies, Munich Re, The Chubb Corporation, and Zurich.. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber insurance market.
The cyber insurance market is driven by the the rise in mandatory legislation regarding cybersecurity. Businesses are legally required by these regulations to safeguard sensitive data and protect against online risks. Significant fines and legal penalties may follow non-compliance. In order to help cover the expenses of compliance and potential fines in the event of a security breach, businesses are increasingly searching for cyber insurance. Furthermore, increasing in frequency and sophistication of cyber threats play a major role for growth of the cyber insurance market. However, high cost coverage could hamper the expansion of cyber insurance markets. Cyber insurance policies may be costly for smaller companies, start-ups, and individuals due to high premiums and coverage expenses. Because of financial limitations, certain organizations may decide not to get coverage. Furthermore, lack of standardized policy must restrict the cyber insurance market growth. On the contrary, the cyber insurance market can benefit from an expansion of product and services. Cyber insurers can use cutting-edge technologies and data analytics to enhance risk assessment with extended products and services. This makes pricing and underwriting more precise and increases the affordability and accessibility of coverage.
The cyber insurance market is segmented on the basis of coverage, enterprise size, industry vertical, and region. By coverage, the market is segmented into data breach, cyber liability, first-party coverage, third-party coverage, and others. By enterprise size, it is segmented into large enterprise, and small and medium-sized enterprise. On the basis of industry vertical, it is segmented into BFSI, IT and Telecommunication, retail and E-commerce, healthcare, manufacturing, government and public sector, and others. By region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The report analysis the profiles of key players operating in the cyber insurance market such as Allianz, American International Group Inc., Aon plc, AXA, Bekshire Hathway Inc., Lloyd’s of London Ltd, Lockton Companies, Munich Re, The Chubb Corporation, and Zurich.. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber insurance market.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global cyber insurance market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global cyber insurance market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global cyber insurance market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Coverage
- Data Breach
- Cyber Liability
- First-party Coverage
- Third-party Coverage
- Others
By Enterprise Size
- Large Enterprise
- Small and Medium-sized Enterprise
By Industry Vertical
- BFSI
- IT and Telecommunication
- Retail and E-commerce
- Healthcare
- Manufacturing
- Government and Public Sector
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- ZURICH
- Aon plc.
- Chubb
- AXA SA
- Lockton Companies
- Allianz
- Munich Reinsurance Company.
- Berkshire Hathaway
- Lloyd’s of London Ltd.
- American International Group, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CYBER INSURANCE MARKET, BY COVERAGE
CHAPTER 5: CYBER INSURANCE MARKET, BY ENTERPRISE SIZE
CHAPTER 6: CYBER INSURANCE MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: CYBER INSURANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the cyber insurance market was valued at $12.5 billion in 2022, and is estimated to reach $116.7 billion by 2032, growing at a CAGR of 25.3% from 2023 to 2032.The cyber insurance market has been growing rapidly as more businesses recognize the need for protection against cyber threats. As cyberattacks become more frequent and sophisticated, demand for cyber insurance has surged. Furthermore, insurance companies are reviewing and modifying their underwriting procedures and pricing strategies. This is motivated by the growing number and intensity of cyberattacks in addition to the requirement for precise risk assessment for every insured company. Moreover, the scope of coverage for cyber insurance policies is growing. This covers regulatory fines and penalties, ransomware attacks, business interruption, and data breach response costs. In addition, data analytics and risk assessment technologies are being used by insurers more frequently in order to better identify and underwrite cyber threats. This enables them to more precisely customize pricing and coverage for each insured entity. Furthermore, third-party responsibility is becoming more and more important in the changing liability landscape. This includes liability protection against data breaches that impact partners, vendors, or customers. Moreover, insurers are becoming more adept at processing claims quickly as the volume of cyber insurance claims increases. To lessen the effects of a breach, this includes giving insureds access to incident response services. Furthermore, small and medium-sized business (SMBs) are realizing more and more how important cyber insurance is.
The needs of small and mid-sized firms are being catered for by insurers through the development of more accessible and reasonably priced plans. Moreover, one significant opportunity in the cyber insurance market is the emergence of new coverage areas. As the cyber threat landscape evolves, new risks and vulnerabilities continually emerge. This dynamic environment has led to the development of innovative cyber insurance coverage areas that address previously unconsidered aspects of cyber risk. In addition, these new coverage areas include protection against emerging threats like supply chain disruptions, cloud security breaches, and risks associated with the Internet of Things (IoT). Furthermore, policies are expanding to cover expenses related to regulatory compliance, public relations, and crisis management in the event of a cyber incident. Moreover, insurers are also offering specialized coverage for specific industries, such as healthcare, where data breaches can have severe consequences. This adaptability and expansion of coverage options offer businesses more comprehensive protection tailored to their specific cyber risk profiles, fostering growth and resilience in the cyber insurance market.
The growth in cyber-attack is a significant driver of the growth of the cyber insurance market. Cyber threats are becoming more complicated and universal, affecting businesses of all sizes and in all sectors. A growing number of cyberattacks, such as ransomware, data breaches, and distributed denial of service (DDoS) assaults, has raised awareness of the importance of cyber insurance. Furthermore, rise in mandatory legislations regarding cyber security is driving the demand of the cyber insurance market. However, lack of standardization policies is hampering the growth of the cyber insurance market. Because there is a lack of consistency in how policies are designed, what they cover, and the particular terms and conditions as the market has developed to handle increasingly complex and diversified cyber risks. Both cyber insurers and policyholders have difficulties as a result of this lack of standardization. Moreover, high cost coverage are major factors that hamper the growth of cyber insurance market. On the contrary, expansion of products and service is an opportunity for cyber insurance. Cyber insurers are able to provide a wider range of coverage alternatives due to an increase of products and services. Policyholders can choose coverage options that are better suited to their individual cyber risk profiles, industry-specific requirements, and financial limitations.
The cyber insurance market is segmented on the basis of coverage, enterprise size, industry vertical, and region. By coverage, the market is segmented into data breach, cyber liability, first-party coverage, third-party coverage, and others. By enterprise size, it is segmented into large enterprise, and small and medium-sized enterprise. On the basis of industry vertical, it is segmented into BFSI, IT and Telecommunication, retail and E-commerce, healthcare, manufacturing, government and public sector, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the cyber insurance market such as Allianz, American International Group Inc., Aon plc, AXA, Bekshire Hathway Inc., Lloyd’s of London Ltd, Lockton Companies, Munich Re, the Chubb Corporation, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber insurance market.
Key Market Insights
By coverage, the data breach segment led the cyber insurance market in terms of revenue in 2022.By enterprise size, the large enterprise for the highest cyber insurance market share in 2022.
By industry vertical, BFSI segment accounted for the highest cyber insurance market share in 2022
By region, North America generated the highest revenue in 2022.Companies Mentioned
- ZURICH
- Aon plc.
- Chubb
- AXA SA
- Lockton Companies
- Allianz
- Munich Reinsurance Company.
- Berkshire Hathaway
- Lloyd’s of London Ltd.
- American International Group, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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