Cyber Insurance Market is Set to Grow at 28% CAGR by 2022 | Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyd's, Lockton Companies, AON, BitSight Technologies

cyber insurance market is flourishing owing to increase in demand for cyber insurance policies. The growth is attributed to the rise in cyber-attacks such as coordinated cyber-attack on regional energy distribution companies in Ukraine, system breach of the health insurer Anthem Inc., breach of the White House's unclassified network, and massive customer data breach faced by LinkedIn and twitter. These incidents have adverse effects on businesses, and organizations have incurred huge losses owing to the same. As an outcome, growth in awareness about different cyber risks is witnessed in the boardroom which resulted in higher adoption of cyber liability insurance policies. The, C-suite levels have predicted that the market is expected to grow at double-digit figure, and a significant surge in demand for cyber insurance policies is also predicted.

Increase in cyber risk awareness among high executives and high cyber-related losses boost the market. Also, implementation of legislation regarding data security in emerging nations is also likely to drive the market. As a result, the insurance and reinsurance providers of the cyber insurance industry have taken upon this opportunity to secure high margins. However, complex and changing nature of cyber risks limits cyber insurance market growth.

Key companies profiled in the report are:
Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyd's, Lockton Companies, AON PLC, BitSight Technologies, Security Scorecard, Pivot Point Risk Analytics

Get Sample Report @ www.reportsweb.com/inquiry&RW00012659976/sample

The global cyber insurance market is segmented based on industry verticals, company size, and geography. Based on industry verticals, the market is segmented into healthcare, retail, financial services (BFSI), information technology and services, others (utilities, energy, manufacturing, construction, and transportation). BFSI and information technology sector were the early adopters of cyber liability insurance policies to protect their data. Although, as per the study, Healthcare vertical generates around one-third of the premium as these companies possess huge third-party data such as personal details of consumers, employment details and cyber criminals can easily misuse this data to make money. For instance, in U.S., around 78% of hospitals are secured under cyber insurance.

By Industry Vertical
– Healthcare
– Retail
– Financial Services (BFSI)
– Information Technology and Services
– Others (Utilities, Energy, Manufacturing, Construction, and Transportation)

Based on revenue generated by companies, cyber insurance market is categorized as very small-sized (2.5 million to 99 million), small-sized (100 million-299 million), medium-sized (300 million to 1billion), and large companies (1 billion and above). Despite the fact that cyber security and cyber risks are acknowledged as serious threat, several companies do not purchase cyber insurance policies. However, the market has witnessed a change in the scenario. Companies of all sizes tend to purchase cyber insurance policies, owing to legal developments. Large companies contribute significantly, i.e., around 70% of the overall cyber insurance market in 2015, as loss of any kind of data has negative repercussions on their businesses.

Have any Questions? Ask here @ www.reportsweb.com/inquiry&RW00012659976/buying

North America dominates the cyber insurance market and accounts for around 87% of the overall cyber insurance market in 2015. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. The U.S. cyber insurance industry has become mature, and growth of the cyber insurance industry is projected to decrease owing to rising adoption of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. 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 oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.

Table of Content

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Cyber Insurance Market Size
2.2 Cyber Insurance Growth Trends by Regions
2.3 Industry Trends

3 Market Share by Key Players
3.1 Cyber Insurance Market Size by Manufacturers
3.2 Cyber Insurance Key Players Head office and Area Served
3.3 Key Players Cyber Insurance Product/Solution/Service
3.4 Date of Enter into Cyber Insurance Market
3.5 Mergers & Acquisitions, Expansion Plans

4 Breakdown Data by Product
4.1 Global Cyber Insurance Sales by Product
4.2 Global Cyber Insurance Revenue by Product
4.3 Cyber Insurance Price by Product

5 Breakdown Data by End User
5.1 Overview
5.2 Global Cyber Insurance Breakdown Data by End User

Get Complete Report @ www.reportsweb.com/buy&RW00012659976/buy/5540

Key Findings of the Cyber Insurance Market:
– North America generated highest revenue in 2015 and will continue to lead the market during the forecast period.
– Europe is projected to grow at the highest rate.
– Large companies contribute significantly in generation of cyber insurance premium.
– Healthcare industry was the major buyer of cyber insurance policies in 2015 and will continue to lead the market during the forecast period.

Contact us:
Phone : +1-646-491-9876
E-Mail : sales@reportsweb.com

About us:

ReportsWeb is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost effective research reports and solutions from various publishers.

This release was published on openPR.