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Cyber Security Insurance Market 2019: Growing Popularity and Emerging Trends in the Industry

06-18-2019 08:47 PM CET | IT, New Media & Software

Press release from: inforgrowth

The global cyber security insurance market was valued at US$ 4,222.3 Mn in 2017 and is expected to expand at a CAGR of 25.3% from 2018 to 2026, reaching US$ 32,543.6 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the cyber security insurance market in 2017.

Cyber Security Insurance Market insurance increases and improves cyber security with the benefits of good security and internalizing of the costs of poor security. There are many benefits that coincide with investing in insurance.

The Risk Management Segment Is Expected To Dominate The Global Cyber Insurance Market.

The global market for cyber security insurance is segmented on the basis of service type, enterprise size, industry vertical and geography. On the basis of service type, the market is segmented into risk management, integrity, forefront portfolio, third party liability, and others. Risk management is expected to account a 26.8% market share in 2018.

The global cyber security insurance market includes key players such as XL Group Ltd., American International Group Inc., Zurich Insurance Co. Ltd, AON PLC, Allianz Global Corporate & Specialty, Munich Re Group, Chubb, HSB, BCS financial corporation, Marsh & McLennan Companies, Inc., Markel Corp, Traveler’s group, Hiscox, Beazely Insurance group and others.

Find more information on this report at https://inforgrowth.com/report/467938/cyber-security-insurances-market-service-type-risk-management-integrity-forefront-portfolio-third-party-liability-and-others-enterprise-size-small-medium-enterprises-smes-large-enterprises-industry-ve-2-3

The growth of the US cyber insurance market is due to the introduction of legislation in most states to take appropriate security measures to protect against cyber risks and report serious breaches to national authorities. This led to an increase in demand for cyber insurance products covering personal data breach. The U.S. is the largest market for the cyber security insurance market. The U.S. economy loses US$57 billion-US$109 billion per year due to malicious cyber activity, according to the White House Council of Economic Advisers. European market can be expected grow with the rapid rate over the forecast period, owing to new laws about data security and protection, “EU General Data Protection Regulation (GDPR)”.

Ask for Sample copy of this report at https://inforgrowth.com/sample-request/467938/cyber-security-insurances-market-service-type-risk-management-integrity-forefront-portfolio-third-party-liability-and-others-enterprise-size-small-medium-enterprises-smes-large-enterprises-industry-ve-2-3

North America accounts for more than 80% of market share in 2018.

Geographically, the global cyber security insurance market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The Asia Pacific is the most promising markets for cyber security insurance market and is slated to offer players a host of opportunities in the coming years. In the Indian market, the high demand for cyber insurance policies is due to the telecom revolution. Moreover, increase digitization of the economy further boosts the demand. Latin America is experiencing significantly more data breaches and with that, increased sales of cyber insurance. Norton Security has reported cybercrime cost Brazil roughly US$8 billion and Mexico US$3 billion in 2015. Cyber security insurance coverage is still in its at beginning stage in Latin America.

Competitive Dynamics
Major industry players in cyber security insurance market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development.

Enquire more about this report at https://www.inforgrowth.com/enquiry/global-dental-curing-light-market-insights-forecast-to-2025

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About InForGrowth:
We are a market-intelligence company formed with the objective of providing clients access to the most relevant and accurate research content for their growth needs. At InForGrowth, we understand Research requirements and help a client in taking informed business critical decisions. Given the complexities and interdependencies of market-intelligence, there is always more than one source to explore and arrive at the right answer. Through our smart search feature and our reliable & trusted publishing partners, we are paving way for a more simplified and relevant research.

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