Cyber Insurance Market In-Depth Global Industry Analysis 2020 By Leading Growth Drivers, Emerging Audience, Segments, Industry Sales, Profits and Regional Analysis Till 2030

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The cyber insurance market consists of sales of cyber insurance products and related services by entities (organizations, sole traders and partnerships) that are involved in underwriting (assuming the risk and assigning premiums) annuities and cyber insurance policies.

Cyber insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies.

Going forward, stringent regulatory environments such as full compliance with GDPR, increased evaluation of cyber threats during mergers and acquisitions, increasing awareness of cyber threats, and growing adoption of internet-based business models will drive the growth. Factors that could hinder the growth of the cyber insurance market in the future include a lack of actuarial data and proven cyber exposure models, pricing uncertainty around cyber insurance policies, and emerging new types of cyber exposures and risks.

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Cyber Insurance Market Segmentation: -

By Type Of Distribution - The cyber insurance market can be segmented by type of distribution
1. Brokers
2. Tied Agents And Branches
3. Direct and other
4. Bancassurance

The brokers market was the largest segment of the cyber insurance market, accounting for 47.8% of the total in 2018. It was followed by tied agents and branches, direct and other, and bancassurance. Going forward, direct and other segment is expected to be the fastest growing segment in the cyber insurance market.

By Type Of Insurance- The cyber insurance market can be segmented by type of insurance
1. Standalone
2. Package
3. Personal

The standalone market was the largest segment of the cyber insurance market, accounting for 53.1% of the total in 2018. It was followed by package, and personal.

By Size Of Business - The cyber insurance market can be segmented by size of business
1. Mid
2. Large
3. Small

The mid-sized business market was the largest segment of the cyber insurance market, accounting for 65.0% of the total in 2018. It was followed by large, and small. Going forward, small sized business is expected to be the fastest growing segment in the cyber insurance market.

By Type Of Claim - The cyber insurance market can be segmented by type of claim are
Ransomware, Hacker, Business Email Compromise, Malware/Virus, Phishing, Others, Third Party, Rogue Employee, Legal Action, Paper Records, Programming Error, Staff Mistake, Lost/Stolen Laptop/Device

The ransomware market was the largest segment of the cyber insurance market, accounting for 32.7% of the total in 2018. It was followed by hacker, business email compromise, malware/virus, phishing, and others. Going forward, business email compromise segment is expected to be the fastest growing segment in the cyber insurance market.

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By End-Use - The cyber insurance market can be segmented by end-use
1. Professional Services
2. Media
3. Healthcare
4. Others
5. Government Bodies (Public)
6. Financial Services
7. Retail And Wholesale
8. Education
9. Manufacturing
10. IT Services

The professional services market was the largest segment of the cyber insurance market, accounting for 17.2% of the total in 2018. It was followed by media, healthcare, others, government bodies (public), financial services, and others. Going forward, education segment is expected to be the fastest growing segment in the cyber insurance market.

By Geography - The cyber insurance market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa

North America was the largest region in the global cyber insurance market, accounting for 55.8% of the total in 2018. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the cyber insurance market will be South America and Eastern Europe.

Some of the major players involved in the cyber insurance market are Chubb Limited, AXA Group, American International Group, Inc., Beazley Insurance Co, Inc., The Travelers Companies, Inc., AXIS Capital Holdings Limited, BCS Financial Corporation, Liberty Mutual Group, Zurich Insurance Group Ltd., AIG Insurance Co China Ltd, Bajaj Allianz General Insurance, HDFC ERGO General Insurance Company Limited, Mitsui Sumitomo Insurance Group Holdings, Inc, AIU Insurance Company, Samsung Fire & Marine Insurance, Emergence Insurance Pty Ltd, Brooklyn Underwriting Pty Ltd, Allianz China General Insurance Company Ltd, Ping An Insurance, ICICI Lombard General Insurance Company Limited, SBI General Insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd.

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