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2020
Cyber Insurance Market

Cyber Insurance Market

by Company Size (Large Companies and Small & Medium-sized Companies) and Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026

Report Code: A01378
Pages: 210
Mar 2020 | 40023 Views
Author(s) : Aarti G
Tables: 82
Charts: 54
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Cyber Insurance Market Outlook - 2026

The global cyber insurance market size was valued at $4,852.19 million in 2018 and is projected to reach $28,602.10 million by 2026, growing at a CAGR of 24.9% from 2019 to 2026. 

Cyber insurance is designed to help an organization with cyber-related security breach or similar events. It provides coverages related to first parties as well as claims by third parties, in order to mitigate risk exposure by offsetting costs involved with recovery of internet-based cyber losses. It typically includes losses from network security breaches, loss of privacy, indemnification from lawsuits related to data breaches, and others. These attacks have escalated in terms of intensity and frequency, posing a threat to individuals, organizations, and countries, which have been driving the adoption of cyber insurance solutions. Cyber-attacks have an adverse impact on businesses such as declining customer base, disruption of business, regulatory fines, legal penalties & attorney fees, loss of intellectual property, and reputational damage.

Cyber Insurance Market

Increase in adoption of cyber insurance products due to rise in implications of cyber-attacks on public safety, economic prosperity, and government cyber security, has led to significant growth in the cyber insurance market in the recent years. In addition, increased awareness about business interruption (BI) cyber risks, and growing number of mandatory legislations for data security in different end-users, such as banking, healthcare, and others are some of the major factors fueling the cyber insurance market growth. 

However, lack of standardized policies and changes in perils are projected to limit the market growth. On the contrary, cyber insurance has an immense potential as it is largely an untapped market in developing economies. Growing number of cyber-attacks in Asian countries such as China and India, have led to adoption of cyber liability insurance products among various organization, which is expected to provide lucrative opportunities for the cyber insurance market during the forecast period. 

Cyber Insurance Market
By Organization Size

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Large Enterprises are projected as one of the most lucrative segments.

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The BFSI sector dominated the cyber insurance industry in 2018 and is projected to maintain its dominance during the forecast period, owing to increased frequency of cyber-attacks on large volumes of customer’s data & employee information, and other confidential details of credit cards. 

The report focuses on the growth prospects, restraints, and trends of the cyber insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the cyber insurance market.

Segment review

The global cyber insurance market is segmented into company size, industry vertical, and region. In terms of company size, it is bifurcated into large companies and small & medium-sized companies. Based on industry vertical, the market is segmented into BFSI, IT & telecom, retail & e-commerce, healthcare, manufacturing, government & public sector, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The report analyses the profiles of key players operating in the market Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies, Inc., Munich Re, The Chubb Corporation, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the cyber insurance industry.

Cyber Insurance Market
By Industry Vertical

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BFSI is projected as one of the most lucrative segments.

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Top impacting factors

Growth in cyber-attacks

Growing number of cyber-attacks in several sectors such as banking, healthcare, retail, financial institutions, and others, has led to the data security and reputational loss concerns. For instance, in February 2018, the Central Bank of Russia published that a group of hackers managed to extract $6 million from a regional bank via their SWIFT system. Moreover, these cyber threats have several implications on public safety, economic prosperity, and government security. To address these issues, governments of various nations have formed their respective cybersecurity commissions and task forces to mandate security practices, Moreover, increased awareness about business interruption (BI) risks and related insurance products has increased in the recent years. As a result, rise in number of cyber-attacks and security breaches across the industry, drive the growth of cyber insurance premiums in the market.

Expansion of products and services 

Cyber insurance has an immense potential as it is largely an untapped market. The companies are extending cyber liability to their supply chains, providing new opportunities for cyber insurance providers to innovate their insurance products in the market. Criminal organizations work with technology professionals to fund illegal activities such as theft or converting stolen data into money. In such a scenario, insurers can monitor external indicators in the cyber environment and manage the threat accordingly. Therefore, insurance vendors to innovate their cyber insurance policies as a cyber insurance market opportunity during the forecast period.

Key Benefits for Stakeholders:

  • The study provides an in-depth analysis of the global cyber insurance market share along with the current & future trends to elucidate the imminent investment pockets.
  •  Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
  •  Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  •  An extensive analysis of the key segments of the industry helps to understand the global cyber insurance market trends.
  •  The quantitative analysis of the global cyber insurance market from 2019 to 2026 is provided to determine the market potential.

Cyber Insurance Market Report Highlights

Aspects Details
By Company Size
  • Large Companies
  • Small & Medium-sized Companies
By Industry Vertical
  • BFSI
  • IT & Telecom
  • Retail & E-commerce
  • Healthcare
  • Manufacturing
  • Government & Public Sector
  • Others
By Region
  • North America 
  • Europe 
  • Asia-Pacific 
  • LAMEA 
Key Market Players Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc, Lloyd’s of London Ltd, Lockton Companies, Inc, Munich Re, The Chubb Corporation, Zurich
 

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Rise in cyber-attacks has led to organizations from all the major industries to focus on cyber coverage for liability and property exposure.  A considerable number of companies still remained under the false perception of  cyber risk exposure in the last few decades. However, this scenario has changed in the recent years and witnessed a significant growth in sale of cyber insurance policies, owing to rise in cyber risk awareness among C-level executives. Moreover, penetration of cyber insurance has increased among data-driven industries such as communication, finance, retail, and healthcare, which are considered more vulnerable to cyber-attacks.  Most of these companies have implemented some pre-breach risk management activities to minimize the cyber risk exposure. Furthermore, as insurance underwriters have less knowledge about security standards, security concerns, and complexities about IT infrastructure, the cyber insurance trend is still considered as relatively new and crucial area and is expected to create lucrative opportunities for IT security professionals in the upcoming years.

The cyber insurance market is consolidated with the presence of key vendors such as Allianz, American International Group, Inc., Aon plc, and AXA. North America and Europe are the prime regions taking coverages of cyber insurance. However, Asia-Pacific is expected to experience significant growth in the near future, owing to rapid technological developments such as automated production & technical processes, and growing adoption of internet of things (IoT), stringent regulatory landscape for data protection in the developing countries such as China, India, Japan, and others. Some of the key players profiled in the report include Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies, Inc., Munich Re, The Chubb Corporation, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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FREQUENTLY ASKED QUESTIONS?

A. The market share is 24.9% from 2019 to 2026.

A. The increase in cyber risk awareness among high executives and intense cyber-related losses are driving the cyber insurance market growth.

A. https://www.alliedmarketresearch.com/request-sample/1705

A. The potential customers of cyber insurance are small and medium enterprises, large companies, and others.

A. Zurich Insurance Co. Ltd, American International Group, Inc., The Chubb Corporation, and Allianz Global Corporate & Specialty are the leading players in cyber insurance market

A. On the basis of top growing big corporations, we select top 10 players.

A. North America and Asia-Pacific will provide more business opportunities for cyber insurance in future.

A. The key growth strategies of cyber insurance market players are partnership, product launch, and aquisition.

A. The cyber insurance market is expected to reach $28.6 billion by 2026

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