Cyber Insurance Market to Register Swift Growth on Account of Rising Cyber Threat Landscape and Emergence of Parametric Cyber Insurance
Research Reports
Aug 18, 2023
Cyber Insurance Market Scope & Overview
The SNS Insider report indicates that the Cyber Insurance Market had a valuation of USD 11.12 billion in 2022, with a projected growth to USD 55.97 billion by 2030, experiencing a compound annual growth rate (CAGR) of 22.38% during the forecast period spanning from 2023 to 2030.
Cyber insurance is a specialized form of coverage designed to mitigate the financial fallout resulting from cyber incidents and data breaches. Unlike traditional insurance policies that primarily focus on physical assets and liabilities, cyber insurance addresses the intricate web of digital risks that modern entities face. It serves as a financial safety net, offering compensation for losses incurred due to cyberattacks, data breaches, and other digital disruptions.
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Market Analysis
The global cyber insurance market has been experiencing significant growth in recent years, driven by a confluence of factors that have elevated the importance of cybersecurity in the digital age. The rapid digital transformation across industries has led to a surge in data generation, storage, and transmission. This expanded digital footprint has exposed organizations to greater cyber risks. Cyber insurance offers financial protection against the costs associated with data breaches, business interruptions, and other cyber-related incidents. High-profile cyber incidents with substantial financial repercussions have underscored the need for adequate cyber insurance coverage. Large-scale breaches involving major corporations have served as cautionary tales, prompting businesses of all sizes to reevaluate their cyber risk exposure and invest in insurance solutions.
Major Key Players Included in the Report are:
• Allianz
• American International Group
• Aon plc
• AXA
• Berkshire Hathway Inc
• Lloyd’s of London Ltd
• Lockton Companies Inc
• Munich Re
• The Chubb Corporation
• Zurich
• Others
Impact of Recession
While a recession undoubtedly poses challenges to the cyber insurance market, it also presents opportunities for growth, innovation, and collaboration. As businesses become more attuned to the critical importance of cybersecurity, the demand for comprehensive and robust cyber insurance coverage could increase. Insurers that can adapt to changing risk landscapes, offer innovative solutions, and forge strong partnerships with businesses stand to thrive even in challenging economic times. The evolving relationship between recession and the market underscores the dynamic nature of both the global economy and the cybersecurity landscape.
Market Segmentation Analysis
The Solution Segment and BFSI Segment are positioned to dominate the cyber insurance market due to their proactive approach to risk management, tailored solutions, regulatory alignment, and the critical importance of cybersecurity in their operations. As the cyber threat landscape continues to evolve, organizations within these segments are recognizing the symbiotic relationship between robust cybersecurity measures and comprehensive cyber insurance coverage, ensuring a resilient digital future.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Company Size:
• Large Companies
• Small & Medium-sized Companies
On The Basis of component:
• Solution
• Cybersecurity insurance analytics platform
• Disaster recovery and business continuity
• Cybersecurity solution
• Service
• Consulting/ Advisory
• Security awareness training
• Others
On The Basis of Coverage Type:
• First-party Coverage
• Computer Program and Electronic Restoration
• Forensic Investigation
• Theft and Fraud
• Extortion
• Business Interruption
• Others
• Third-party Coverage
• Communication Liability
• Crisis Management
• Credit Monitoring
• Regulatory Response
• Privacy and Security Liability
• Network Security Liability
• Media and Communication Liability
• Others
On The Basis of Industry Vertical:
• BFSI
• IT & Telecom
• Retail & E-commerce
• Healthcare
• Manufacturing
• Government & Public Sector
• Others
Regional Status & Analysis
North America remains a dominant player in the cyber insurance market due to its highly developed digital landscape and large concentration of technology-driven businesses. The evolving threat landscape and increasing regulatory scrutiny have driven businesses across industries to seek comprehensive cyber insurance coverage. The Asia-Pacific region is experiencing rapid digitalization, leading to increased cyber risk exposure. Countries such as China, Japan, South Korea, and India have witnessed a surge in cyberattacks targeting both public and private sectors. This has prompted a greater adoption of cyber insurance as companies recognize the financial implications of data breaches.
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Conclusion
The future of the market is teeming with opportunities and challenges. As organizations grapple with ever-evolving cyber threats, the demand for comprehensive, tailored coverage will drive market growth. Insurers, in collaboration with technology partners, will play a pivotal role in enhancing cybersecurity practices and fostering a more resilient digital landscape. As the market continues to evolve, innovative strategies, personalized solutions, and a proactive approach to risk management will be paramount in ensuring its success.
Frequently Asked Questions
Q1) What is the projected outlook for cyber insurance market growth?
Ans: The global market to surpass USD 55.97 billion by 2030, experiencing a CAGR of 22.38% during the forecast period of 2023 to 2030.
Q2) What are the major factors influencing the cyber insurance market?
Ans: The dynamic interplay of evolving cyber threats, regulatory pressures, digitalization trends, and the imperative to manage cyber risks effectively is propelling the growth of the market.
Q3) Who are the leading players in the cyber insurance market?
Ans: Allianz, The Chubb Corporation, American International Group, Inc., Lloyd’s of London Ltd, Aon plc, AXA, Berkshire Hathway Inc, Lockton Companies, Inc, Munich Re, and Zurich.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Cyber Insurance Market Segmentation, by Company Size
9. Cyber Insurance Market Segmentation, by Component
10. Cyber Insurance Market Segmentation, by Coverage Type
11. Cyber Insurance Market Segmentation, by Industry Vertical
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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