LONDON, Dec. 20, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the cybersecurity insurance market, the global cybersecurity insurance market size is expected to grow from $9.73 billion in 2021 to $11.75 billion in 2022 at a compound annual growth rate (CAGR) of 20.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cybersecurity insurance market is expected to grow to $23.83 billion in 2026 at a CAGR of 19.3%.
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Rising data security breaches is the key factor driving the growth of the cybersecurity insurance market going forward. A data breach is a situation in which information is taken from a system without the owner's knowledge or consent. Weak and forged identification is one of the easiest and most frequent reasons for data breaches. Data breaches are happening more often and with greater severity than ever before. Data breaches and other cybercrimes are becoming way too common, which is resulting in companies investing in cyber insurance, helping them with the cost of procuring, restoring, and recreating data. For instance, in February 2022, according to the data breach quick view in the United States, there were 2,932 data breaches recorded in 2021 compared to 2,645 in 2020, a 10% increase. Therefore, the rising data security breaches is driving the demand for the cybersecurity insurance market.
Strategic partnerships and collaborations have emerged as the key trend gaining popularity in the global cybersecurity insurance market. Major companies operating in the cybersecurity insurance sector is focused on collaborations and partnerships to strengthen their market position. For instance, in September 2020, BNP Paribas Leasing Solutions, a France-based leasing and rental solutions for professional equipment partnered with Generali Group, Italy-based insurance and asset management provider to provide BNP Paribas Leasing Solutions to clients with insurance and related services solutions that will allow them to defend themselves against cyberattacks due to the rise in cyberattacks. With this deal, Generali aims to expand its target market in the SME and property and casualty insurance market through a new distribution channel and a fully digital subscription mechanism. Furthermore, in October 2020, AXIS Capital Holdings Limited, an US-based- based insurance business collaborated with Kennedys Law LLP, a UK-based law firm, to introduce a new AXIS Marine Cyber Insurance product that will provide insurance protection for the marine shipping industry against cyber exposure on board ships and on land in shipping business headquarters.
Major players in the cybersecurity insurance market are Allianz SE, American International Group, Aon PLC, Arthur J. Gallagher & Co, The Travelers Companies, Axa S.A., AXIS Capital Holdings Limited, Beazley Group, Chubb Limited, CNA Financial Corporation, Fairfax Financial Holdings Limited, Liberty Mutual Insurance Group, Lloyd’s of London Ltd, Lockton Companies Inc, Munich Reinsurance Company, Endurance Specialty Holdings Ltd, Zurich Insurance Group, Tokio Marine Holdings Inc., and The Hartford Financial Services Group Inc.
As per TBRC’s cybersecurity insurance market report, North America was the largest region in the cybersecurity insurance market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cybersecurity insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global cybersecurity insurance market is segmented by insurance type into packaged, stand-alone; by insurance coverage into data breach, cyber liability; by component into solutions, services; by organization size into large enterprises, small and medium enterprises (SEMs); by end user into technology provider, insurance provider.
Cybersecurity Insurance Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cybersecurity insurance market outlook, cybersecurity insurance market forecast size and growth, cybersecurity insurance market share , cybersecurity insurance market segments, cybersecurity insurance market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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