Cyber Insurance Market Will Reach $16,970 Million by 2023; Cyber Insurance Market Opportunities and Demand by 2023

The global cyber insurance market is growing CAGR over 20% during 2018 – 2023 and will reach $16,970 million by 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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Among all the industries, banking financial services and insurance (BFSI) had been the largest consumer for cyber insurance market as these companies are more prone to cyber-attacks. The BFSI industry contributed more than 35% of the global market share. The market will be witnessing the fastest growth in retail and manufacturing industries, during the forecast period, due to numerous cyber challenges and risks present in the industry, such as digital supply chain management and online operations.

The increasing interconnectivity, commercialization, and globalization of cybercrime are driving greater frequency and severity of cyber incidents, including past data breach incidents. This has directly impacted the growth of the cyber insurance market positively. From individual companies to government organizations, an attack by hacker can inflict huge financial loss, corporate embarrassment, and business continuity failure. High profile computer breaches in recent past, such as hack of Democratic National Committee and Twitter, are reinforcing the need for protection and insurance against cyber threats. This had led to increase in the demand for cyber liabilities and sophisticated policy cover by business leaders, to protect the enterprise data from cyber-attacks and cyber criminals.

Geographically, Americas has been the largest cyber insurance market, accounting for more than 90% of global revenue. Whereas, the sales are expected to witness the fastest growth in the rest of the world (RoW) market, during the forecast period. The market growth in RoW will be led by factors such as surge in digitization within the industry, leading to more generation of data and exposure cyber risk, availability of new industry specific insurance packages, and growth in investment in risk premium solutions to deal with budget constraints.

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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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About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact:
P&S Intelligence
Toll-free: +1-888-778-7886 (USA/Canada)
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

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