Press release
Cyber Insurance Market Sales are projected to reach US$ 40 billion by 2033, Fact.MR
Cyber Insurance Market
Cyber insurance is designed to aid organizations in managing the aftermath of cybersecurity breaches and similar incidents. This insurance coverage encompasses both first-party provisions and third-party liability claims, aiming to mitigate the financial exposure associated with recovering from internet-based cyber losses. It typically includes compensation for losses arising from network security breaches, privacy breaches, legal protection against lawsuits linked to data breaches, and various other related expenses.
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Key Segments of Cyber Insurance Industry Research Report:
By Component
Solutions
Services
By Type
First-party Coverage
Third-party Coverage
By Company Size
Large Enterprises
SMEs
By Industry Vertical
BFSI
IT & Telecom
Retail & e-Commerce
Healthcare
Manufacturing
Government & Public Sector
The escalating frequency and intensity of cyber-attacks pose a significant threat to individuals, businesses, and even entire nations, leading to a growing adoption of cyber insurance solutions. Cyber-attacks can have far-reaching consequences for businesses, including a reduction in their customer base, operational disruptions, regulatory fines, legal penalties, attorney fees, loss of intellectual property, and damage to their reputation.
A surge in cyber-attacks and their substantial impact on public safety, economic stability, and government cybersecurity has fueled a noteworthy expansion in the cyber insurance market. Additionally, the heightened recognition of cyber risks associated with business interruptions and the proliferation of mandatory data security regulations across various sectors like banking, healthcare, and others have emerged as key drivers propelling the growth of the cyber insurance market.
Access Full Report: https://www.factmr.com/report/cyber-insurance-market
Key Takeaways from Market Study:
The global market for cyber insurance is valued at US$ 12.4 billion in 2023.
Worldwide demand for cyber insurance is predicted to increase at a CAGR of 12% through 2033.
By the end of 2033, the market is projected to reach US$ 40 billion.
The market in the United States is projected to expand at a CAGR of 18% over the forecast period.
With a 43% revenue share in 2023, North America held the top spot in the global market.
Adoption of cyber insurance by large enterprises is projected to rise at a 17% CAGR through 2033.
The market in China is set to progress at a CAGR of 17.4% from 2023 to 2033.
The BFSI segment accounts for a 26% share of the global market in 2023.
"In recent years, the market for cyber insurance has seen rapid expansion. This expansion can be attributed to the increase in the frequency and sophistication of cyberattacks, which have cost enterprises across several industries a significant amount of money. The need for cyber insurance plans has grown due to heightened awareness of cyber threats," comments a Fact.MR analyst.
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Report Attributes:
Value Projection (2033): USD 40 Billion
Growth Rate (2023-2033): 12% CAGR
No. of Pages: 170 Pages
No. of Tables: 80 Tables
No. of Figures: 219 Figures
Key Companies Profiled:
Lockton Companies, Inc.
Lloyd's of London Ltd.
Munich Re
Allianz
Zurich
Berkshire Hathway Inc.
Aon PLC
American International Group, Inc
Market Competition:
The market for cybersecurity insurance is relatively concentrated, with key competitors providing superior technology and encouraging expansion through their current distribution networks. To maintain a competitive edge in the market, these technological titans are spending on innovations, mergers, acquisitions, and collaboration activities.
Recent News:
In November 2022, Agilicus, a cybersecurity company, joined forces with Ridge Canada Cyber Solutions Inc. (RCCS), a prominent managing general insurance agency, to facilitate Canadian small and medium-sized businesses (SMBs) in meeting cybersecurity insurance requirements and obtaining coverage.
More Valuable Insights on Offer:
Fact.MR new offering provides an unbiased analysis of the global cyber insurance market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033. The study delves into essential insights based on component (solutions, services), type (first-party coverage, third-party coverage), company size (large enterprises, SMEs), and industry vertical (BFSI, IT & telecom, retail & e-commerce, healthcare, manufacturing, government & public sector), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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About Fact.MR
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