Press release
Cyber Insurance Market Competitive Insights and Precise Outlook 2021 – The Chubb Corporation, American International Group, Inc
Cyber insurance is a specialty insurance product that covers the financial risks associated with cybercrimes. It provides coverage in different areas such as extortion, data destruction, hacking, theft, denial of service, and other cybercrimes. It also helps the client in mitigating the investigation process of cyber-related security breach and similar mishaps. On the professional front, the cyber insurance products can be personalized as per the customer requirements.
According to the cyber security statistics for 2019 provided by the Cyber Defense Magazine, more than 8,854 cyber breaches were recorded between 2005 and 2018. The total cost of these breaching sums-up to billions of dollars. At global level, the cost of cyber-crimes is anticipated to cross USD 6 trillion by 2021. The soaring demand for efficient cyber security solutions further augments the growth of global cyber insurance market.
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Top Companies: Allianz Global Corporate & Specialty, BitSightTechnologies, The Chubb Corporation, American International Group, Inc., XL Group Ltd, Lockton Companies, Inc., Security Scorecard, Beazley Plc, Munich Re Group, Pivot Point Risk Analytics, Lloyd’s, Berkshire Hathaway, Bin Insurer Holding, LLC, AON PLC and Quadmetrics, Inc.
Market Dynamics and Trends
Cyber-attacks adversely affect the reputation of an organization and reduces its customer base, which in turn lowers the business turnover. Cyber insurance helps the organization to cover financial loss, investigative expenses, criminal reward funds, and to recover post-incident public relations. Growing adoption of cyber insurance across different industry verticals is expected to propel the growth of global cyber insurance market throughout the forecast period.
Furthermore, the increasing cases of ransomware attacks, malware attacks, phishing activities, cyber thefts, cyber frauds, and others cybercrimes, augment the demand for effective cyber insurance policies that cover financial losses and partake in post-damage control; thereby supplementing the growth of cyber insurance market.
However, lack of standardization, increasing number of cyber hackers, along with complex and fluctuating nature of cybercrimes is expected to adversely affect the growth of cyber insurance market players.
Moreover, increasing security concerns in private and public organizations, and untapped market opportunities offered by emerging economies, shall propagate the growth of global cyber insurance market in coming future.
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Market Segmentations and Scope of the Study:
The global cyber insurance market share has been analyzed based on company size, industry vertical and geography.
Based on company size, the market is segmented into small & medium enterprise and large enterprise. Based on industry vertical, the market is divided into healthcare, retail, financial services (BFSI), Information Technology & Services and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to dominate the global cyber insurance market throughout the forecast period, accounting for the major market share. This is due to higher adoption of cyber insurance across various business enterprises, well established IT infrastructures, stringent corporate digital security standards, and presence of key service providers in this region.
Asia Pacific is expected to grow with the highest CAGR values in the global cyber insurance market throughout the forecast period, owing to increasing prevalence of multinational companies especially in developing economies, increasing incidences of cybercrimes at various industry verticals, as well as untapped market opportunities offered by emerging economies specifically India and China.
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We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
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