Press release
Cyber Insurance Market was valued at USD 4.9 billion in 2017 and is estimated to grow at a CAGR of 23.1% during the forecast period, 2021–2026.
Cyber Insurance Market
Cyber risk, an ever-growing concern for the business community, has amounted to a colossal economic loss of over USD 1 trillion (Source: World Economic Forum). Uncertainty from the ever-changing risk environment is a crucial factor propelling the frequency of cyber incidents. For instance, in 2017, major data loss cases were attributed to unauthorized cloud service providers wherein some of the cases were reported in the manufacturing and transportation sector. Thus, the risk of cyber breach predominantly lies in the commercial sector, which fuels the need for cyber insurance to mitigate economic loss. Below figure gives an overview of the economic loss incurred due to cyber attacks in the U.S. in 2017, by state.
Rapid adoption of digital technologies in all commercial sectors such as banking and finance, transportation, healthcare, and others has enabled hackers to focus on various strategies to conduct data breach attacks. Major cases of data leaks through biometrics have been reported in the Middle East and Africa region (Source: Kaspersky Lab). As more biometric systems are being adopted for user identification and authentication in the Middle East, Turkey and Africa regions, the risk of data breach through these technologies remains a major concern, which is fuelling market growth.
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The Major Manufacturers Covered in this Report:
The Chubb Corporation, American International Group, Inc., XL Group Ltd, Allianz Global Corporate & Speciality, Lloyds, AON PLC, Munich Re Group, Lockton Companies, and Zurich Insurance Co. Ltd and more...
Years that have been considered for the study of this report are as follows:
History Year: 2015-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year: 2021 to 2026
Market Segmentation:
By Product
Standalone Cyber Insurance
Packaged Cyber Insurance
By Enterprise
Small and Medium Enterprises
Large Enterprises
By Application
Financial Institutions
Retail & Wholesale
Healthcare
Business Services
Manufacturing
Technology
Others
Regional Segmentation:
North America (The US, Canada, and Mexico)
Europe (Germany, France, the UK, and Rest of the World)
Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
Latin America (Brazil and Rest of Latin America.)
Middle East & Africa (Saudi Arabia, the UAE, South Africa, and Rest of Middle East & Africa)
Why Buy This Report?
The report also covers the following points within the scope
Case Study: Cyber insurance in various sector
Market Concentration Ratio of Top 5 Companies
Potential Venture Avenue
Technology Assessment
The analysis objectives of the report are:
To equitably share in-depth info regarding the crucial elements impacting the increase of industry (growth capacity, chances, drivers and industry specific challenge and risks).
To know the Cyber Insurance Market by pinpointing its many sub segments.
To profile the important players and analyze their growth plans.
To endeavor the amount and value of the Cyber Insurance Market sub-markets, depending on key regions (various vital states).
To analyze the Global Cyber Insurance Market concerning growth trends, prospects and also their participation in the entire sector.
To examine and study the Global Cyber Insurance Market size (volume and value) form the company, essential regions/countries, products and applications, background information and also predictions.
Primary worldwide Global Cyber Insurance Market manufacturing companies, to specify, clarify and analyze the product sales amount, value and market share, market rivalry landscape, SWOT analysis and development plans for the next coming years.
To examine competitive progress such as expansions, arrangements, new product launches and acquisitions on the market.
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