Cyber insurance Market Will Thrive in the Future, New Research Report explores ‘why’

The global cyber insurance market is valued at USD 5.02 billion in 2016 and is expected to reach USD 29.07 billion by the end of 2026, growing at a CAGR of 19.2 % between 2017 and 2025.
Cyber insurance market has emerged as data breaches are becoming way too common worldwide and the extent of damage that they cause to businesses. A data breach can damage companies’ reputation but also put their customers and/or employees at risk. Data breaches can have a huge influence on the company earnings. Hence cyber insurance can be a smart precaution for any size business. In 2015, 64% of global companies were insured against loss of income due to data breach, while 35% of the companies without cyber liability insurance considered purchasing it. In 2017, the average cost of cyber crime amounted to USD 21.22 million in United States.
The cyber insurance market is mainly driven by large enterprise as these enterprises have their high purchasing power and the availability of sufficient funds for risk insurance. SME’s are not able to buy very high premiums cyber insurance cover due to their limited budget constrains over cyber risk management. Thus, share of businesses with cyber insurance worldwide increased with company revenue. Only 4% of companies with revenues lower than USD 2.5 million owned cyber insurance while 26% of companies with revenues exceeding USD 5 billion owned cyber insurance.

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United States is the largest cyber insurance market with 90% market share followed by Europe 4% and RoW(including Asia Pacific) only 6% in 2016.Europe is expected to grow at the highest rate as the European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would allow companies to purchase cyber insurance policies. Cyber threats are increasing with growing digitization, inter connectivity, commercialization, and globalization. This has directly impacted the growth of the cyber insurance market positively.

Global Cyber Insurance Market: Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in
Global Robotics Market:
• THE CHUBB CORPORATION
• AMERICAN INTERNATIONAL GROUP, INC
• ZURICH INSURANCE CO. LTD
• AON PLC
• LLOYDS OF LONDON LTD.
• LOCKTON COMPANIES, INC.
• MUNICH RE
• ALLIANZ GROUP
• BERKSHIRE HATHAWAY INC.

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Cyber Insurance Market: Service Type
• Risk Consulting
• Claim Service
• Insurance
Cyber Insurance Market: Application
• BFSI
• Healthcare
• Retail & Manufacturing
• IT Services

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This release was published on openPR.