Cyber Insurance Market size is expected to garner USD 14 billion by 2022 | Valuates Reports

Cyber Insurance Market Overview : 2022

Cyber Insurance Market size is expected to garner $14 billion by 2022, registering a CAGR of 28% during the forecast period 2016-2022.

The cyber insurance market is flourishing owing to an increase in demand for cyber insurance policies.
Cyber insurance market is set to grow as an outcome of an increase in data breach incidents in the past 2-3 years. These attacks escalate in intensity and frequency, and pose a threat to individuals, organizations, and countries. Cyber-attacks have adverse impact on businesses such as declining customer base, disruption of business, regulatory fines, legal penalties & attorney fees, loss of intellectual property, and reputational damage.

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In the year 2014, there was an increased number of cybercrimes with similar repercussions. Business houses such as Home Depot, Sony Entertainment, and Target had experienced data breaches that required them to pay billions of USD to cover the cost of damage. Similarly, financial institutions such as JP Morgan Chase were also affected more severely, and had to pay huge amounts to cover losses. To cater to the same, the stakeholders within the cyber insurance industry use approaches to educate consumers about the losses incurred due to cyber-attacks and stratagems to cope with them. For instance, Cyber liability insurance, which is available since the last ten years, tends to protect business data from such cyber-attacks.

Cyber insurance industry provides insurance products to mitigate risks and associated cost incurred due to cyber-attacks. BFSI, healthcare, and retail sector are the most targeted sectors, witnessing increase in incidences of information and identity theft, scams, and frauds. However, in the recent years, other industries such as manufacturing, construction, sports & gaming, entertainment, and education have also come under threat from cyber-attacks.

Different industry vertical covered in this report include healthcare, retail, financial services (BFSI), information technology & services, and others (utilities, energy, manufacturing, construction, and transportation). The cyber insurance market is analyzed across four geographical regions namely, North America (U.S. and rest of North America), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (Australia, Singapore, South Korea, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America holds the highest cyber insurance market share, followed by Europe, owing to high frequency of cyber-attacks faced by the U.S. companies.

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Potential Benefits for Stakeholders

The report provides a competitive scenario of the market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges.
The report includes analysis of the various market segments to provide insights on the dynamics.
Porters Five Forces analysis highlights the potential of buyers and suppliers to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.

Cyber Insurance Market segmentation
The global cyber insurance market is segmented by company size, industry vertical, and geography.

BY COMPANY SIZE

Very Small companies ($2.5 Million to $99 Million)
Small-sized companies ($100 Million to $299 Million)
Medium-sized companies ($300 Million to $ 1Billion)
Large companies ($1.1 Billion and Above)

BY INDUSTRY VERTICAL

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


BY GEOGRAPHY

North America
U.S.
Rest of North America
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
Australia
Singapore
South Korea
Japan
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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Key players in the value chain

American International Group, Inc.
The Chubb Corporation
Zurich Insurance Co. Ltd
XL Group Ltd
Berkshire Hathaway
Allianz Global Corporate & Specialty
Munich Re Group
Lloyd's
Lockton Companies, Inc.
AON PLC
BitSight Technologies
Security Scorecard
Pivot Point Risk Analytics
Quadmetrics, Inc.
Bin Insurer Holding, LLC
Beazley Plc.

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