The latest market research report on the Global Cyber Insurance Market by RationalStat assesses the regional market based on cyber loss type, coverage type, enterprise size, insurance type, end user, and region. A detailed market analysis report provides an overall historical and future market size in terms of market value (US$ Million) and with a comprehensive market trend analysis (year-on-year growth). The market share analysis, growth of the insurance industry, competition overview, strategic imperatives, plans and strategies, key application, potential growth driver, recent R&D of cyber insurance across the globe, claims analysis, and competition analysis for the target players evaluated in the global cyber insurance market study.
Market Overview and Dynamics
The global cyber insurance market was valued at US$ 9.0 billion in 2022 and is expected to grow at a robust growth rate of around 23.4% during the forecast period 2022-2028. The major factors driving the growth of the global cyber insurance market are the increasing complexity of cyber-attacks and an upsurge in ransomware attacks ending up in a ransom payment of US$ 426 in 2020.
Market Drivers and Trends of the Global Cyber Insurance Market
In regions like Europe and North America, the presence of stringent government regulations is expected to fuel the demand for cyber insurance. Moreover, the regional companies have a strong technology adoption and are home to several hi-tech 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 amount of yearly cyber insurance coverage companies usually buy ranges from US$ 1 million (small companies) to US$ 200 million (large IT service providers) and it is growing at a CAGR of 35 percent for the past three years.
In addition, the cyber insurance market is expanding swiftly as businesses roll out customized/ tailored cyber insurance policies to meet changing consumer preferences that cater to their specific needs.
In Asia Pacific, the insurance regulators and key players operating in the insurance sector should lay down rules that clarify and structure better in the terms of commercial cyber insurance coverage (what policies do and do not cover, and more importantly what policies should and should not cover) for policy buyers to an improved market density that directly has a positive impact on improved cyber-security in 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 a 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, as well as give 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 coverholder. 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?
About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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