USD 12.94 billion
Cyber Insurance Market Size, Share, Growth Analysis, By Offering(Solution, and Service), By Insurance Coverage(Data breach, and Cyber liability), By Compliance Requirement(Healthcare Compliance, Financial Services Compliance, GDPR Compliance, Data Privacy Compliance), By Insurance Type(Packaged and Stand-alone), By End User(Technology Provider and Insurance Provider), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40O2003 |
Region:
Global |
Published Date: June, 2024
Pages:
242
|Tables:
93
|Figures:
76
Cyber Insurance Market Insights
Global Cyber Insurance Market size was valued at USD 11.23 Billion in 2022 and is poised to grow from USD 14.02 Billion in 2023 to USD 59.96 Billion by 2031, growing at a CAGR of 19.92% in the forecast period (2024-2031).
The rapidly evolving cyber threat landscape coupled with the growing prevalence of cyberattacks around the world is boosting the demand for novel cyber insurance solutions. Increasing emphasis on companies on securing and ensuring their digital assets and imposition of stringent regulatory mandates for insurance are also estimated to create new opportunities for cyber insurance companies in the future. High adoption of digital transformation around the world and growing losses due to cybersecurity breaches are also slated to promote the demand for better cyber insurance solutions and offerings going forward. On the other hand, lack of standardization, increasing sophistication of cyberattacks, high premiums, limited coverage, and risk assessment and underwriting issues are slated to be key constraints for cyber insurance providers in the long run.
US Cyber Insurance Market is poised to grow at a sustainable CAGR for the next forcast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprise
Fastest Growth
Large Enterprise
Growth Rate
25.70% CAGR
Global Cyber Insurance Market ($ Bn)
Country Share for North America Region (%)
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Cyber Insurance Market Segmental Analysis
Global Cyber Insurance Market is segmented by Offering, Insurance Coverage, Insurance Type, Compliance Requirement, End User, and region. Based on Offering, the market can be segmented into Solution and Service. Based on Insurance Coverage, the market can be segmented into Data breach and Cyber liability. Based on Insurance Type, the market is segmented into Packaged and Stand-alone. Based on Compliance Requirement, the market can be segmented into Healthcare Compliance, Financial Services Compliance, GDPR Compliance, Data Privacy Compliance and Others. Based on End User, the market is segmented into Technology Provider and Insurance Provider. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Enterprise Size
Large enterprises are estimated to account for a major chunk of the global cyber insurance market size. High spending potential and more risk exposure are key factors that push large enterprises to opt for cyber insurance solutions. Moreover, the extensive investment of large enterprises in risk management and assessment also helps them lead the adoption of cyber insurance on a global level. Imposition of stringent data privacy and safety mandates also promotes cyber insurance demand in this segment.
Meanwhile, the demand for cyber insurance in small and medium enterprises (SMEs) is slated to increase at a rapid pace over the coming years. Rising awareness regarding sophisticated cyberattacks and growing spending on risk management by SMEs are also contributing to market growth via this segment. Creating affordable cyber insurance solutions for SMEs could pay off big time for market players in the long run.
Analysis by End User
The Banking, Financial Services, and Insurance (BFSI) industry is forecasted to lead the demand for cyber insurance over the coming years. Increasing risks of cyberattacks and data breaches in BFSI industry owing to rising digital transactions around the world will also help the dominance of this segment. Moreover, rising incidence of financial frauds through hackers is also promoting the adoption of cyber insurance in the BFSI industry going forward.
Meanwhile, the demand for cyber insurance in the healthcare industry is projected to increase at a robust pace going forward. Rapid digitization of the healthcare industry and imposition of stringent data privacy and safety regulations are slated to promote the adoption of cyber insurance in this segment through 2031 and beyond.
Global Cyber Insurance Market By Enterprise Size
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Cyber Insurance Market Regional Insights
North America emerges as the top market for cyber insurance companies owing to high incidence of cyberattacks and rising data loss due to the same. Rising investments in adoption of new and advanced cyber security solutions and presence of stringent regulations to ensure data privacy for organizations also help the dominance of this region in the future. The United States is slated to be the top market for cyber insurance companies in this region followed by Canada. Moreover, the presence of key cyber insurance providers also contributes to this region’s dominance.
Growing awareness regarding cybersecurity and increasing incidence of cyberattacks are slated to make the Asia-Pacific region the most opportune market in the world. Governments of countries such as India, Japan, Malaysia, China, and Singapore are also promoting adoption of cyber insurance to reduce the impact of cybercrimes on public and private organizations. Rapid digital transformation in this region is also a key factor that helps generate new opportunities for cyber insurance companies in the long run.
Global Cyber Insurance Market By Region
- Largest
- Fastest
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Cyber Insurance Market Dynamics
Cyber Insurance Market Drivers
Digital Transformation
- Almost all industries and countries are focusing on digital transformation to keep up with the evolving digital world. This increased digital transformation is also exposing the world to more cyber threats thereby boosting the demand for cyber insurance.
Increased Losses Due to Cyber Attacks
- Cyberattacks are becoming increasingly complex and resulting in heavy losses for organizations. Growing emphasis on reduction of losses under a cyberattack is also slated to promote cyber insurance adoption in the future.
Restraints
Lack of Standardization
- Cyber insurance policies vary from company to company and are currently subject to a lot of variables. This high variability is a result of no standardized rules of cyber insurance, which in turn is estimated to hamper cyber insurance market growth going forward.
Limited Coverage and High Premiums
- Premiums for cyber insurance are quite high and the coverage offered by cyber insurance companies for these premiums is quite limited. This creates a sense of uncertainty among organizations whose risk profile is higher and subject to major losses under a cyberattack.
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Cyber Insurance Market Competitive Landscape
Rapidly evolving cyber threat landscape makes cyber insurance market growth a highly opportune one for new as well as leading companies. Lowering premiums and expanding coverage should be the prime focus of cyber insurance providers if they wish to stand out in the competitive landscape. Collaborations and partnerships will be highly popular and preferred strategies for all cyber insurance companies in the future. Companies should also work on standardizing their policies to expand their business scope on a global level.
Cyber Insurance Market Top Player’s Company Profiles
- American International Group, Inc.
- Chubb Limited
- Zurich Insurance Group AG
- AXA SA
- Allianz SE
- Berkshire Hathaway Inc.
- Munich Re Group
- Travelers Companies, Inc.
- Liberty Mutual Group Inc.
- Beazley Plc
- CNA Financial Corporation
- Hiscox Ltd.
- Sompo Japan Nipponkoa Insurance Inc.
- XL Group Ltd.
- Aon Plc
- Marsh & McLennan Companies, Inc.
- Willis Towers Watson Public Limited Company
- Lockton Companies
- Arthur J. Gallagher & Co.
- Brown & Brown Inc.
Cyber Insurance Market Recent Developments
- OneDegree Global and Lexasure Financial Group announced a new partnership in June 2024. The new team-up was intended to launch a new Reinsurance-as-a-Service (RAAS) solution for cyber insurance for the South and Southeast Asian countries as enterprises become more aware of cyber threats.
- To streamline cyber insurance operations and solutions, Mosaic and Lloyd’s syndicates joined hands with Safe Security in May 2024. The partnership aimed at streamlining cyber insurance through Incyde Risk, a newly launched facility.
Cyber Insurance Key Market Trends
- Customized Insurance Policies: Cyber insurance companies should focus on providing customized cyber insurance policies for different organizations to expand their business scope. This will help cyber insurance companies resolve specific challenges that the industry faces and mitigate cyber risks more effectively.
Cyber Insurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high incidence of cyberattacks and data breaches and rising emphasis on reduction of losses due to cybercrime are slated to drive cyber insurance market growth. However, lack of standardization and high premiums and limited coverage are slated to impede market development potential in the future. Presence of key cyber insurance companies in the North American region allows it to emerge as the dominant regional market in the world. Large enterprises are slated to spearhead revenue generation in the long run. Developing custom cyber insurance solutions and offerings will pay of big time for market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 11.23 Billion |
| Market size value in 2031 | USD 59.96 Billion |
| Growth Rate | 19.92% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cyber Insurance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cyber Insurance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cyber Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cyber Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cyber Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cyber Insurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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