Press release
Cyber Insurance Market Overview 2023 by Enterprise Size, Service, Industry Vertical, Geography, Growth and Demand Forecast by Major Players- AIG, Chubb, Zurich Insurance Company Ltd and Allianz Insurance
Global cyber insurance market size forecasted to reach $16,970 million by 2023, it will grow over 20% CAGR 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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Insights on market segments
The cyber insurance market is categorized on the basis of enterprise size, service, and industry. Large enterprises led the cyber insurance market in terms of size, due to their high purchasing power and the availability of sufficient funds for risk insurance. Since the premiums for cyber insurance are very high, SMEs refrain to buy expensive covers because of their limited budget constrains over cyber risk management.
Geographically, Americas has been the largest cyber insurance market, accounting for more than 90% of global revenue in 2016. 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.
Cyber Insurance Market Segmentation
By Enterprise Size
Large Enterprise
Small and Medium Enterprise (SME)
By Service
Insurance
Claim Service
Risk Consulting
By Industry
Banking Financial Services and Insurance (BFSI)
Healthcare
Retail & Manufacturing
IT Services
Others (Include: Transportation & Logistics, Government, Energy & utilities)
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The global cyber insurance industry is moderately competitive with players developing new strategies to reach their customers in the most effective and efficient way. 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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