What is the global market size of Cyber Insurance Market?

Cyber Insurance Market size was valued at USD 10.33 billion in 2021 and is poised to grow from USD 12.83 billion in 2022 to USD 79.75 billion by 2030, growing at a CAGR of 25.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Cyber Insurance Market?

Competition in the global Cyber Insurance market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of solutions compatible with Cyber Insurance will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years. '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.'

What is the key driver of Global Cyber Insurance Market?

The blockchain and crypto ownership are increasing across the globe day by day. Moving to this increasing number of users in individuals in this market, crypto threads and several security threats are accelerated on high level. The highly unstable cryptocurrency servers can lead to the investor losing millions and sector shedding billions. Countering to these threats, the company is in this sector are investing highly in cyber insurance.

What is the key market trend for Global Cyber Insurance Market?

Growing Digital Landscape: With the emergence of metaverse and IoT, the digital landscape is expanding to a higher extent. Therefore, the market is expected to witness introduction of more devices with a 4D interface. These devices would need immunity from getting stolen, misplaced, or lost.

Which region accounted for the largest share in Global Cyber Insurance Market?

Globally, North America is estimated to hold the highest global Cyber Insurance market share in 2022. Main factors during this growth period is mainly due to the presence of top market players such as AXA XL U.S, CNA Financial Corporation.

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 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.

Cyber Insurance Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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. '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.'

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.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Cyber Insurance Market Regional Insights

Cyber Insurance Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Cyber Insurance Market?

Who are the key vendors in the Cyber Insurance Market?

What is the key driver of Cyber Insurance Market?

What is the key market trend for Cyber Insurance Market?

Which region accounted for the largest share in Cyber Insurance Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300