Pune, India, Jan. 23, 2022 (GLOBE NEWSWIRE) -- The global cyber insurance market size was USD 6.15 billion in 2020. The market is projected to grow from USD 7.60 billion in 2021 to USD 36.85 billion in 2028 at a CAGR of 25.3% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Cyber Insurance Market, 2021-2028.”
According to our researchers, the surging cybersecurity threat and data breaches are steering businesses to deploy insurance policies. Similarly, several nations are inflicting penalties and supervisory guidelines on the company for any data breach.
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List of Key Companies in the Cyber Insurance Market:
- American International Group Inc. (New York, U.S.)
- Munich Re Group (Munich, Germany)
- Zurich Insurance Co. Ltd (Zurich, Switzerland)
- Berkshire Hathaway (Nebraska, U.S.)
- XL Group Ltd (AXA S.A) (Hamilton, U.S.)
- The Chubb Corporation (New Jersey, U.S.)
- Aon Plc. (London, U.K.)
- Axis Capital (Pembroke Parish, Bermuda)
- Lockton Companies Inc. (Missouri, U.S.)
- Hiscox Inc. (Georgia, U.S.)
COVID-19 Impacts:
Distant Working during COVID-19 to Thrust Insurance Demand
The pandemic has adversely impacted businesses throughout the world. In order to sustain social distancing and to follow lockdown guidelines numerous businesses implemented work from home approach amid pandemic. Remote location augmented the threat of cyberattack as workers were associated through unprotected networks and additionally made use of private devices. This increased the cybercrime during the pandemic year.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 25.3% |
| 2028 Value Projection | USD 36.85 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 6.15 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 130 |
| Segments covered | By component, By Insurance Type, By Enterprise size, By End User & Category |
| Growth Drivers | Rising Cybercrimes and Data Breaches to Fuel Market Growth |
| Increasing Cyberattacks and Data Breaches to Drive Market Growth |
Segmentation:
On the basis of components, the market is divided into solutions and services.
Based on the insurance type, the market is segregated into standalone and tailored.
In terms of coverage type, the market is classified into first-party and liability coverage.
Based on enterprise size, the market is segmented into large enterprises and small and medium enterprises (SMEs).
By end-user, the global market is branched into healthcare, retail, BFSI, IT & telecom, manufacturing, and others. The BFSI sub-segment is set to gain maximum share during the forecast period.
Report Coverage:
The report brings a detailed study of the market segments and a systematic breakdown of the market overview to our clientele. A thoughtful estimation of the prevailing market trends as well as the forthcoming prospects is offered in the report. Moreover, it conveys a widespread examination of the regional insights and how they influence market growth.
We have additionally involved the COVID-19 impacts in the report, in order to help shareholders and commercial business owners to understand the risks effortlessly. It also emphasizes on the important players and their primary strategies to remain in the prime spot.
Drivers and Restraints:
Rising Cybercrimes and Data Breaches to Fuel Market Growth
Cyberattacks and data breaches are rising throughout the globe, thereby boosting cyber insurance adoption. According to the report published by Checkpoint, in the year 2020 93% surge in ransomware occurrences were registered, and around 6 out of 10 companies experienced cybercrime. This substantial elevation in cyberattacks is projected to drive the cyber insurance market growth.
Various industries such as healthcare, BFSI, and retail are being greatly directed by hackers on account of the huge amount of saved customer data. Correspondingly, the increasing digitalization, online shopping, mobile banking, and online payment, electronic medical documents are anticipated to spur the danger of data breaches in these industries.
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Regional Insights:
Elevated Cyberattacks and Risk of Data Damage to Boost Industry Progress in North America
North America is expected to dominate the cyber insurance market share during the forecast period. The elevated cyberattacks and great risk of data damage is estimated to kindle the cybersecurity insurance demand in the region.
Asia Pacific is likely to perceive prompt growth during the forecast period owing to the rising cyber jeopardy in the region in comparison with North America and Europe.
Europe is probable to attain a substantial share of the market during the forecast period. The altering insurance supervisory guidelines such as deploying penalties on companies that suffered data breach and do not report it, are probable to drive cyber insurance bonuses.
Competitive Landscape:
Vital Players to Use Allowances for Improvement in Particular Sector
The dominating companies present in the cyber insurance industry are constantly looking out for prospects to extend their business. With massive such opportunities present in the market, there is a competition among these companies to perfect their job and remain forward in regards to revenue, admiration as well as brand value. Companies also seek funds for backing their expansion tactic.
Industry Developments:
- October 2021: Munich Re Group’s HSB insurer procured Zeguro, which is a cybersecurity firm in order to extend and reinforce the cyber protection offering. The firm’s experience aids the company in comprehending novel cybersecurity exposure.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Cyber Insurance Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Cyber Insurance Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solution
- Services
- By Insurance Type (Value)
- Standalone
- Tailored
- By Enterprise Size (Value)
- SMEs
- Large Enterprise
- By Coverage Type (Value)
- First-Party
- Liability Coverage
- By End User (Value)
- Healthcare
- Retail
- BFSI
- IT & telecom
- Manufacturing
- Others (Government, Travel & Tourism etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Component (Value)
- Global Cyber Insurance Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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