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In Cyber Insurance Industry Americas has been the Largest Market Accounting for More than 90% of Global Revenue

05-09-2018 07:29 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Market Research

In Cyber Insurance Industry Americas has been the Largest Market

Global Cyber insurance market size is projected to cross $16.9 billion by 2023, growing at a CAGR of 23.3% during 2017-2023. Loss of brand reputation from cyber-attacks has been cited as a primary reason by most of the industry leaders for the mainstream adoption of cyber insurance programs in their operations. Since the persistent threat of cyber-crime continues to rise globally, the trend of intrusion of unauthorized access entities into critical data and illegitimate access to private and confidential business information also rises. This has led to huge loss of enterprise value, which is expected to continue over a period of time. Thus, with this loss getting huge day by day, the adoption of cyber insurance is predicted to escalate in the years to come.

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In terms of service, the global cyber insurance market is categorized into insurance, claim service and risk consulting. Among all the services, insurance had the largest market in 2016 and is expected to have the largest market during the forecast period. Claim services will be the fastest growing category, with a CAGR of 31.5% during 2017-2023.

In Europe, the cyber insurance market is booming at an exorbitant pace. The European markets for cyber insurance was valued at $224.1 million in 2016 and it is expected grow at a CAGR of 31.6% during 2017-2023, to reach $1788.6 million by 2023. New European legislations on data privacy are helping to push the demand for cyber insurance, particularly from large enterprises. However, faster growth in demand for liability is expected from SMEs during the forecast period. Where large enterprises suffer from huge revenue losses due to cyber-attacks, SMEs tend to lose market reputation and business continuity when severely attacked by illegitimate activities. Also as the cost of security breaches continue to increase year after year, claim services are expected to gain momentum over the period. The demand for claim services is expected to be the fastest among all cyber insurance services in the European cyber insurance market, during the forecast period. However, with prime requirement of services, such as risk consulting and data insurance, insurance services are expected to continue leading the regional market over a longer period.

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The cyber insurance market is moderately competitive, where some global insurance players are currently enjoying monopoly in business specific offerings. Some of the major players operating in this industry are American International Group Inc., Chubb Limited, Zurich Insurance Group AG, XL Group Ltd, Berkshire Hathaway Inc., Allianz Global Corporate & Specialty SE, and Munich Re Group.

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P&S Market Research is a global market research and consulting company. We provide market research reports, industry reports; business intelligence and research based consulting services across a range of industries.

With the help of our professional corporate relations with various companies, our market research offers the most accurate market forecasting. Our analysts and consultants interact with leading companies of the concerned domain to substantiate every single data presented in our publication. Our research assists our client in identifying new and different windows of opportunity and frame informed and customized strategies for expansion in different regions.

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