Press release
Europe Cyber Insurance Market Size, Latest Trends, Share, Key Players, Revenue, Opportunity, and Forecast 2031
Europe cyber insurance market is gaining significant traction because of the stringent laws by EU authorities to tackle an increasing number of cybercrimes and effectively manage the growing risk of cyberattacks.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, expects Europe cyber insurance market size to grow at an impressive CAGR of 38.2% during the forecast period between 2023 and 2029. The industry is expanding rapidly because of both favorable laws by EU authorities to reduce the danger of cybercrimes in Europe and the growing risk of cyberattacks. The need for cyber insurance is growing, according to Munich RE, a German insurance business, across a variety of sectors, such as healthcare, manufacturing, and government organizations. The key driver for the expansion of the European cyber insurance industry has also been identified as the surge in remote working practices following the COVID-19 outbreak.
Europe Cyber Insurance Market - Overview
Cyber insurance is a specialized insurance policy created to shield companies against risks associated with information technology infrastructure and operations, as well as dangers that are Internet-based. First-party protection against losses such as data loss, extortion, theft, hacking, and denial of service attacks are some examples of the coverage offered by cyber-insurance plans. Liability coverage, which reimburses organizations for damages they cause to third parties, is another option. The financial damages brought on by cyber events and incidents are covered by cyber insurance plans. The costs of cleanup, including paying for legal counsel, investigators, crisis communicators, and consumer credits or refunds, are also assisted by cyber-risk coverage.
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Europe Cyber Insurance Market - By Application
Based on application, Europe cyber insurance market is segregated into banking & financial services, IT & telecom, healthcare, retail, and other segments. The banking and financial services sector accounts for the highest market share owing to the high risks and the number of financial frauds in this sector. Cybersecurity risks, such as hacking, ransomware, and distributed denial of service (DDoS) attacks, are common in the BFSI sector, which can cause huge financial losses to organizations. Furthermore, the rising popularity of internet banking and payment apps is further boosting the risks of cyberattacks, which is anticipated to boost the demand for cyber insurance in the BFSI sector.
Impact of COVID-19 on Europe Cyber Insurance Market
The unprecedented COVID-19 outbreak offered tremendous growth opportunities to the Europe cyber insurance market. The pandemic induced the remote working culture in Europe, which resulted in a significant spike in the volumes of data and cyberattacks and data breaches. According to the European Union's Cybersecurity Agency (ENISA), significant harmful attacks against important sectors more than quadrupled in Europe in 2020, from 146 in 2019 to 304 incidents. A cyberattack on the IT network of the Irish health service has resulted in a temporary suspension of operations. Cyberattacks also led to huge financial losses for the BFSI sector in 2020. All these results in a surge in demand for cyber insurance in the European market.
Competitive Landscape:
Major players operating in the Europe Cyber Insurance market include: Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group, and Lloyd's Group of London Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Europe Cyber Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Cyber Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global Europe Cyber Insurance Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Europe Cyber Insurance market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Europe Cyber Insurance Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Europe Cyber Insurance market Size Forecast (2023-2030).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Europe Cyber Insurance market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Europe Cyber Insurance market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Europe Cyber Insurance market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Europe Cyber Insurance business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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