Press release
Cyber Insurance market will reach at USD 69.49 bn by 2032, American International Group, The Chubb Corporation, Zurich Insurance Co, XL Group Ltd, Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyd's, Lockton Companies, AON P
Cyber Insurance Market Size to Hit USD 69.49 Billion with 29.57% CAGR by 2032, Cyber insurance is a novel insurance offered in recent years owing to the proliferation of the Internet and risks posed by online surfing. It allows enterprises to take precautionary monetary hedges against ransomware, malware, and other attacks for compromising integrity of businesses. The COVID-19 pandemic and its deadly effects on the industry has been explored in the report.Some of the Major Key players profiled in the study are American International Group, The Chubb Corporation, Zurich Insurance Co, XL Group Ltd, Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyd's, Lockton Companies, AON PLC
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Opportunities
High Demand for Cyber Insurance Services
The demand for cyber insurance services is expected to soar during the forecast period owing to adoption of blockchain and risk analytics software. Risk analytics are used by underwriters for assessing the valuation of premiums on digital assets and solutions. The faster speed of transactions and settlements without any middleman can facilitate the demand. In addition, the demand for first party coverage by insurers owing to larger presence online can drive the global cyber insurance market.
Restraints
High Costs of Services
The high costs of cyber insurance and lack of proper coverage for compromised systems can deter leading players across industries from their procurement. Rising costs of premiums as well as inclusion of charges for data recovery and negotiation with hackers can restrain the cyber insurance market growth.
Challenges
Lack of Cyber Security Experts
The lack of cyber security experts for monitoring and preventing online threats can hamper market growth. Training in cyber intelligence and in-house courses to enlighten employees can keep the growing threats at bay.
Cumulative Growth Analysis
The global cyber insurance market is proposed to grow at a terrific rate owing to increased use of IoT and IIoT. Endpoint security solutions and rollout of new services for prevention of cyber threats can facilitate the market. Companies of all sizes can procure cyber insurance owing to the protection of intellectual property rights and rise of cryptocurrencies. Moreover, formulation of new guidelines for protecting company property and reducing inherent risks can form a large part of the cybersecurity insurance market in the coming years.
Market Segment Overview
By Component
Solutions Segment to Record Huge Growth in Global Market
The solutions segment is expected to record a CAGR of 18% during the forecast period. Installation of cybersecurity software and readiness of large and small organization against online threats can drive the segment demand till 2025.
By Coverage Type
First-party Coverage to Lead in Cyber Insurance Market
The first party coverage segment is expected to witness increased demand in the global cyber insurance market owing to new cases of cyber extortion and fund transfer fraud. Reliance on the internet for completing transactions and communication with employers can create huge risks and drive the segment demand for protection against cyber threats.
By Organization Size
Large Enterprises to Lead in Cyber Insurance Market Demand
Large enterprises accounted for 77% share in 2017. It is projected to lead in the global cyber insurance market owing to investments in cyber security for protecting their assets. Stringent regulations can induce the demand for cyber security solutions as well as their dependence on internet of things and cloud.
By Vertical
IT & Telecom to Generate Maximum Revenue till 2025
The IT & telecom vertical is expected to register 33.24% CAGR over the forecast period owing to efforts by in-house teams to strengthen their defenses against cyber attacks. The reliance on connectivity technologies and servers for adhering to client demands can drive the market demand. High spending rate by multinational companies and the shift to remote work is likely to witness huge sales of cybersecurity software.
Cyber Insurance Industry Regional Analysis
North America Pegged to be Leading Region in Cyber Insurance Market
North America is expected to lead in the global market owing to presence of large multinational companies across several industries. The U.S. is accountable for maximum revenue in the region owing to need for monitoring and investigating of cyber threats.
Europe to Assume Second Position
Europe is likely to lead in the global cyber insurance market owing to awareness of leading companies and support of European Union policy makers in light of various data breaches. The U.K. is deemed to capture a large share of the regional market owing to integration of digital technologies in daily tasks and a rise in cyber attacks in 2020. Setup of guidelines for cyber security and collaboration between private and public players for assuring cyber insurance can provide an economic stimulus to the region and lead to a surge in ease of business ratings.
Market Overview
Global Cyber Insurance Market report by Market Research Future (MRFR) covers developments, trends, drivers, and challenges to be faced by the industry amid the changing market and adoption of new-age devices. It studies seed funding rounds, acquisitions, and the impact of the COVID-19 pandemic for estimating the market size and other projections for the forecast period. It is segmented in the following manner:
By Component
Solution
Services
By Coverage Type
First-party Coverage
Computer Program and Electronic Restoration
Forensic Investigation
Theft and Fraud
Extortion
Business Interruption
Others
Third-party Coverage
Communication Liability
Crisis Management
Credit Monitoring
Regulatory Response
Privacy and Security Liability
Network Security Liability
Media and Communication Liability
Others
By Organization Size
Large Enterprises
SMEs
By Vertical
Energy & Utilities
Media & Entertainment
Automotive & Transportation
Aerospace & Defense
IT & Telecom
Education
Healthcare
Retail
BFSI
Cyber Insurance Segmentation by Type:
Small Medium Enterprise, Large Medium Enterprise.
Cyber Insurance Segmentation by Application:
Healthcare, Retail, Financial Services, Information Technology and Services, Others
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Recent Developments
At-Bay, a U.S. cyber insurance firm, has raised close to USD 34 million in a Series C seeding round. The company is expected to cater to the demand of various large companies in the region amid data privacy laws and international regulatory laws.
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