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Cyber Security Insurance Market - Global Growth Data Analysis by 2021-2028 | XL Group, Travelers, Beazley, CAN, Liberty Mutual, BCS Insurance, AXIS Insurance Group and Allied World

09-13-2021 07:30 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Adroit Market Research

Global Cyber security insurance have varying product lines, mostly depending on the customer requirements. The report also provides the various key strategies adopted by the leading players as the demand is growing from Asia-Pacific economies. Current Cyber security insurance market share in been derived on the basis of thorough understanding of the forecast and dynamics of Cyber security in various geographies. Also, the global Cyber security insurance market size has also been laid down based on the Porter’s Five Forces Analysis for the industry players’ decision making.

Request sample copy of this report at: https://www.adroitmarketresearch.com/contacts/request-sample/485

The global Cyber security insurance market size was USD 3.89 billion in 2017 and is expected to grow to USD 23.07 billion in 2025 owing to growing intensity of cyber-attacks across the world. Emergence of government regulations such as the Global Data Protection Regulation (GDPR) in the European Union (EU), HIPAA in the US and others had a significant impact on the rise of cyber insurance market recently. Furthermore, growing vulnerability of cyber exploitation due to rise in connected devices across the world and emergence of Internet of Things (IoT) have driven the majorly the cyber insurance market. Recent events of data breaches such as the ‘WannaCry’ ransomware spread across the systems all across the world have made the organizations more aware about the cyber-attacks. Along with the investment in the Cyber security solutions, which include hardware and software solutions, companies have also started to take cyber insurance to mitigate risks. Even if the cyber insurance market is projected to grow in the future, there are quite a few challenges which need to be addressed by the insurers and mentioned further in the report. Standalone cyber insurance solutions is a recent phenomenon and currently, the underwriting of cyber insurance is still limited due to immature and limited expertise.

It is seen that there is a substantial concentration of premium within handful of insurers across the world. According to the analysis of the NAIC statutory filings, there are only four underwriters along with the Llyod’s in the US which generate almost 60% of the total premium. However, it is observed that, over last two years, many new players have entered the market. According to the report published by Aon, 68 insurers reported premiums greater than a million dollars, and of these only 28 had more than $5 million in 2016. While the majority of the premium continues to come from the US, there are substantial signs of growth in Europe and Asia pacific which currently have a small base.

Read complete report at: https://www.adroitmarketresearch.com/industry-reports/cyber-security-insurance-market

The global cyber insurance market can be further segmented on the basis of the organization size- SMEs, mid-market and large enterprises. Mid-market companies had the highest market share in 2017 just followed by the large enterprise segment. However, the SME segment is anticipated to grow with the highest CAGR of 25.3% in the forecast period owing to the growing awareness among the SMEs which provide digital services.

Based on the industry vertical the cyber insurance market can be further bifurcated into BFSI, ICT, healthcare, manufacturing, retail and others. Among these, BFSI sector had the highest market share in 2017 and will continue to dominate in the forecast period. ICT is poised to grow with the highest growth rate of 27.8% in the forecast period due to the fact that the amount of data generated by these companies is the largest and eventually more vulnerable to cyber-attacks. Healthcare segment is also expected to grow significantly due to the HIPAA regulation implemented in the North America.

The major players in this industry include American International Group (AIG), The Chubb Corporation, XL Group, Travelers, Beazley, CAN, Liberty Mutual, BCS Insurance, AXIS Insurance Group and Allied World. According to the National Association of Insurance Commissioners and the Center for Insurance Policy and Research, more than 500 different companies wrote cyber insurance policies in 2017.

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Key segments of the global Cyber security insurance market

Organization Size Overview, 2015-2025 (USD Million)

SME
Mid-market
Large enterprises

Industry Overview, 2015-2025 (USD Million)

BFSI
ICT
Healthcare
Manufacturing
Retail
Others

Regional Overview, 2015-2025 (USD Million)

North America
U.S.
Canada
Europe
UK
Germany
Rest of Europe
Asia-Pacific
India
China
Rest of Asia-Pacific
Rest of the World

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code - Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

Ryan Johnson
Account Manager Global
3131 McKinney Ave Ste 600, Dallas,
TX75204, U.S.A.
Phone No.: USA: +1 210-667-2421/ +91 9665341414

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