Cyber Insurance Market by Data Type (First-Party Coverage, Third-Party Coverage), By End-User (Financial Institutes Retail Healthcare Professional and Business services Manufacturing Information Technology and services Others) 2017 - 2023

Technology and social media play a very vital and crucial role in aiding various firms and industries to supervise and conduct their business, thereby assisting them to expand their customer base. These portals also serve as outlets for hazardous cyber-attacks. The annual earnings of the company can be affected intensely as a result of menacing data hacking and malware attacks often leading to the disruption of confidential data and information formulated by industry. Hence, there is an expansion in demand for cyber insurance to safeguard the industries against cyber threats.

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Countries like Singapore, Malaysia and Australia are some of the foremost countries to have formulated and executed cyber insurance policies for the benefit of its industrial market and economy. Cyber insurance also has a major impact on the economic growth and development of a country.

Global Cyber Insurance Market was valued at USD 5.06 Billion in the year 2017. Global Cyber Insurance market is further estimated to grow at a CAGR of 26.28% from 2018 to 2023 to reach USD 20.55 Billion. North America region holds the highest market share in 2017 with Asia Pacific region is considered as the fastest growing market in the forecasted period. At a country level, U.S. is the biggest market in 2017 and it is projected to grow at a gradual pace in the coming years.

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American International Group, Inc. (U.S.), The Chubb Corporation (U.S.), Zurich Insurance Co. Ltd (Switzerland), are some of the key players in the Cyber Insurance market with American International Group, Inc. holding the substantial market share because of its better global presence at an operational level. Growth strategies such as acquisition, merger, and expansion of the business network were few techniques adopted by most of Tier 1 and Tier 2 service providers in recent years.

Drivers:

• Number of cyber attacks is surging
• Mandatory Legislation Regarding Cyber Security

Restraints:

• Lack of Historical Data

Opportunities:

• Increase focus on claim and risk management capabilities

Challenges:

• Lack of cyber-security incident data in support of risk assessment

The Financial Institution segment is expected to hold the highest market share during the forecast period. The Financial institute holds the largest share because it includes banking and investment companies who have the high risk of cyber-attacks.

On the other hand, Large Scale Enterprises market for Cyber Insurance is expected to grow at the highest CAGR during the year 2018-2023. Large-scale enterprises hold the largest market share because enterprise risk transfer is more as compared to small-medium enterprises.

Key Benefits for Stakeholders

• Cyber Insurance service providers
• Research and Consulting organization
• Technology Standards Organizations, Forums, Alliances and Associations
• End-use industries
• Regulatory bodies

By Company Size

• Small-Medium Scale Enterprise ($2.5 Million to $1 Billion)
• Large Scale Enterprise ($1.1 Billion and above)

By Type

• First-Party Coverage
• Third-Party Coverage

By End-User Industry

• Financial Institutes
• Retail
• Healthcare
• Professional and Business services
• Manufacturing
• Information Technology and services
• Others

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA

Key Market Players

• American International Group, Inc.
• Chubb Limited
• XL Group Limited
• Beazley PLC
• Allianz Group
• Zurich Insurance Group
• Munich Re Group

(A brief overview of another 13 companies is also provided)

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This release was published on openPR.