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Global Cyber Insurance Market Players Are Currently Enjoying Monopoly in Business Specific Offerings
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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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