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Cyber Insurance Market by Company Size (Very small companies ($2.5 Million to $99Million), Small-sized companies ($100 Million to $299 Million), Medium-sized companies ($300 Million to $1 Billion), and Large companies ($1.1 Billion and Above)), and Industry Vertical (Healthcare, Retail, BFSI, Information Technology and Services) - Global Opportunity Analysis and Industry Forecasts, 2014-2022
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BF_161705
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Pages: 105
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Nov
2016 |
13592 Views
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Author(s) :
Mugdha Potdar
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Tables: 41
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Charts: 76
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Formats*:
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Cyber Insurance Market Overview:
Cyber Insurance Market is expected to garner $14 billion by 2022, registering a CAGR of 28% during the forecast period 2016-2022. The cyber insurance market is flourishing owing to increase in demand for cyber insurance policies. The growth is attributed to the rise in cyber-attacks such as coordinated cyber-attack on regional energy distribution companies in Ukraine, system breach of the health insurer Anthem Inc., breach of the White House's unclassified network, and massive customer data breach faced by LinkedIn and twitter. These incidents have adverse effects on businesses, and organizations have incurred huge losses owing to the same. As an outcome, growth in awareness about different cyber risks is witnessed in the boardroom which resulted in higher adoption of cyber liability insurance policies. The, C-suite levels have predicted that the market is expected to grow at double-digit figure, and a significant surge in demand for cyber insurance policies is also predicted.
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Increase in cyber risk awareness among high executives and high cyber-related losses boost the market. Also, implementation of legislation regarding data security in emerging nations is also likely to drive the market. As a result, the insurance and reinsurance providers of the cyber insurance industry have taken upon this opportunity to secure high margins. However, complex and changing nature of cyber risks limits cyber insurance market growth.
To analyze the global cyber insurance market, the cyber insurance is segmented based on company size, industry vertical, and geography. Companies are categorized as very small companies ($2.5 million to $99 million), small-sized companies ($100 million to $299million), mid-sized companies ($300million to $1 billion), and large companies ($1.1 billion and above). Among all, large companies pay larger premium for cyber liability policies, as they need to pay high cost to recover losses. Different industry verticals covered in this report include healthcare, retail, financial services, information technology & services, and others (utilities, energy, education, government, manufacturing, construction, and transportation). The market is analyzed across four geographical regions, namely, North America (U.S. and rest of North America), Europe (UK, Germany, and rest of Europe), Asia-Pacific (Australia, Singapore, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
These days, companies of every size demand cyber insurance. However, highest levels of uptake of cyber liability insurance are observed among large corporations and SMEs. Industries such as financial institutions and information technology were early adopters of the cyber insurance policies. With the continuously developing technology, techniques of cyber-attacks also evolved and several other industries, namely, manufacturing, education, construction, energy, and utilities came into the purview of cyber-attacks. Among all these industries, the healthcare industry has found higher penetration of cyber liability insurance policies because huge third-party data such as is available with them.
North America, particularly U.S. dominates the cyber insurance market, and it is followed by Europe. Currently, Asia-Pacific has negligible share in cyber insurance market, however, the region is expected to show significant growth during the forecast period.
Asia-Pacific: A lucrative market for cyber insurance
Data breach attacks during the initial days of November 2015 have increased in Asia. The region is considered as the top target for cyber-attacks, owing to poor protection against cyber-attacks in Asian companies. Countries such as Australia, New Zealand, Singapore, South Korea, and Japan which are collectively termed as “Cyber Five” are more vulnerable to cyber-attacks and South Korea tops the list.
Though cyber insurance market in Asia-Pacific is in its nascent stage, growth in cyber risk awareness along with the implementation of data breach legislation drives the market in Asia-Pacific. South Korea and Australia have already introduced these regulations while other countries such as China, India, Malaysia, and Indonesia are currently drafting corresponding bills. This is expected to result into an upsurge in the demand for cyber liability insurance policies.
Cyber insurance market in Singapore is projected to register the highest growth within the Asia-Pacific region. The growth is attributable to the rising number of organizations opting for services mitigating the financial and reputational risks associated with data breaches. Increase in automation and new interconnected technologies in Singapore have led to rise in cyber threats. Similar degree of growth is also expected in Australia owing to rise in usage of cloud computing technology and extensive use of mobile devices that have increased the need for data protection. A potential for insurance policies is seen in financial institutions and aviation markets. Other industries where a surge in demand is witnessed is information technology, healthcare, retail, and education.
Lack of standardized policies might refrain companies from buying cyber insurance policiesTraditional cyber insurance policies provided for protection against data loss. However, since 2000, policies are specially geared toward protection against financial losses incurred from data breach. After passing of the first state data breach notification law in 2003 by California, the demand for insurance coverage specifically designed to cover breach-related costs and liabilities increased. The complex nature of data risks and lack of standardized policies are projected to affect the market growth. The terms and coverage of policies vary from insurer to insurer thereby becoming complicated in nature. It is very difficult to manage evolving cyber risk owing to its increasing frequency, complexity, and type of cyber-attack. This hazard has left several gray areas full of differences in the industry and demands flexibility in cyber risk management tools. Therefore, lack of standardized policies inhibit the market growth.
Key Benefits of the Report
- The study provides an in-depth analysis of the global cyber insurance market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- The report provides figures for 2014 and 2015, and provides forecasts for 2016‐2022, considering 2015 as base.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
Cyber Insurance Market Key Segments:
By Company Size
- Small Medium Enterprise ($2.5 Million to $1 Billion)
- Very Small ($2.5 Million to $99 Million)
- Small ($100 Million to $299 Million)
- Mid-size ($300 Million to $1 Billion)
- Large ($1.1 Billion and Above)
By Industry Vertical
- Healthcare
- Retail
- Financial Services (BFSI)
- Information Technology and Services
- Others (Utilities, Energy, Manufacturing, Construction, and Transportation)
By Geography
- North America
- U.S.
- Rest of North America
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- Australia
- South Korea
- Singapore
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players Included in the Value Chain
- American International Group, Inc.
- The Chubb Corporation
- Zurich Insurance Co. Ltd
- XL Group Ltd
- Berkshire Hathaway
- Allianz Global Corporate & Specialty
- Munich Re Group
- Lloyd’s
- Lockton Companies, Inc.
- AON PLC
- BitSightTechnologies
- Security Scorecard
- Pivot Point Risk Analytics
- Quadmetrics, Inc.
- Bin Insurer Holding, LLC
- Beazley Plc.
CHAPTER 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tools and Models
CHAPTER 2 EXECUTIVE SUMMARY
2.1. KEY FINDINGS
2.2. CXO PERSPECTIVE
CHAPTER 3 MARKET OVERVIEW
3.1. MARKET DEFINITION and SCOPE
3.2. KEY FINDINGS
3.2.1. Top Impacting Factors
3.2.2. Top Investment Pockets
3.2.3. Top Winning Strategies
3.3. PORTERS FIVE FORCES ANALYSIS
3.3.1. Expensive Cyber Insurance Policies Reduces Bargaining Power Of Suppliers
3.3.2. Surge In Demand For Cyber Insurance Increases Bargaining Power Of Buyers
3.3.3. High Threat Of New Entrants
3.3.4. Competitive Rivalry
3.3.5. Captive Insurance Leads To Moderate Level Of Threat Of Substitutes
3.4. MARKET SHARE ANALYSIS, 2015
3.5. MARKET DYNAMICS
3.5.1. Drivers
3.5.1.1. Rising Number Of Cyber Attacks
3.5.1.2. Mandatory Legislation Regarding Cyber Security
3.5.2. RESTRAINTS
3.5.2.1. Lack Of Standardized Policies
3.5.3. OPPORTUNITIES
3.5.3.1. Changing Nature Of Cybercrime
3.5.3.2. Low Awareness Regarding Cyber Insurance In Asia
CHAPTER 4 CYBER INSURANCE MARKET, BY COMPANY SIZE
4.1. OVERVIEW
4.1.1. Market Size and Forecast
4.2. SMALL and MEDIUM ENTERPRISES
4.2.1. Key Market Trends
4.2.2. Growth Factors and Opportunities
4.2.3. Market Size and Forecast
4.2.3.1. Very Small-Sized Companies
4.2.3.1.1. Key Market Trends
4.2.3.1.2. Market Size and Forecast
4.2.3.2. Small-Sized Companies
4.2.3.2.1. Key Market Trends
4.2.3.2.2. Market Size and Forecast
4.2.3.3. Medium-Sized Companies
4.2.3.3.1. Key Market Trends
4.2.3.3.2. Market Size and Forecast
4.2.4. Large Companies
4.2.4.1. Key Market Trends
4.2.4.2. Growth Factors and Opportunities
4.2.4.3. Market Size and Forecast
CHAPTER 5 CYBER INSURANCE MARKET, BY INDUSTRY VERTICAL
5.1. OVERVIEW
5.1.1. Market Size and Forecast
5.2. HEALTHCARE
5.2.1. Key Market Trends
5.2.2. Growth Factors and Opportunities
5.2.3. Market Size and Forecast
5.3. RETAIL
5.3.1. Key Market Trends
5.3.2. Growth Factors and Opportunities
5.3.3. Market Size and Forecast
5.4. FINANCIAL SERVICES (BFSI)
5.4.1. Key Market Trends
5.4.2. Growth Factors and Opportunities
5.4.3. Market Size and Forecast
5.5. INFORMATION TECHNOLOGY (IT) and SERVICES
5.5.1. Key Market Trends
5.5.2. Growth Factors and Opportunities
5.5.3. Market Size and Forecast
5.6. OTHERS
5.6.1. Key Market Trends
5.6.2. Growth Factors and Opportunities
5.6.3. Market Size and Forecast
CHAPTER 6 CYBER INSURANCE MARKET BY GEOGRAPHY
6.1. OVERVIEW
6.1.1. Market Size and Forecast
6.2. NORTH AMERICA
6.2.1. Key Market Trends
6.2.2. Growth Factors and Opportunities
6.2.3. Market Size and Forecast
6.2.4. U.S.
6.2.4.1. Market Overview
6.2.4.2. Market Size and Forecast
6.2.5. Rest Of North America
6.2.5.1. Market Overview
6.2.5.2. Market Size and Forecast
6.3. EUROPE
6.3.1. Key Market Trends
6.3.2. Growth Factors and Opportunities
6.3.3. Market Size and Forecast
6.3.4. UK
6.3.4.1. Market Overview
6.3.4.2. Market Size and Forecast
6.3.5. Germany
6.3.5.1. Market Overview
6.3.5.2. Market Size and Forecast
6.3.6. France
6.3.6.1. Market Overview
6.3.6.2. Market Size and Forecast
6.3.7. Rest Of Europe
6.3.7.1. Market Overview
6.3.7.2. Market Size and Forecast
6.4. ASIA-PACIFIC
6.4.1. Key Market Trends
6.4.2. Growth Factors and Opportunities
6.4.3. Market Size and Forecast
6.4.4. Singapore
6.4.4.1. Market Overview
6.4.4.2. Market Size and Forecast
6.4.5. Japan
6.4.5.1. Market Overview
6.4.5.2. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Overview
6.4.6.2. Market Size and Forecast
6.4.7. South Korea
6.4.7.1. Market Overview
6.4.7.2. Market Size and Forecast
6.4.8. Rest Of Asia-Pacific
6.4.8.1. Market Overview
6.4.8.2. Market Size and Forecast
6.5. LAMEA
6.5.1. Key Market Trends
6.5.2. Growth Factors and Opportunities
6.5.3. Market Size and Forecast
6.5.4. Latin America
6.5.4.1. Market Overview
6.5.4.2. Market Size and Forecast
6.5.5. Middle East and Africa
6.5.5.1. Market Overview
6.5.5.2. Market Size and Forecast
CHAPTER 7 RELATED INDUSTRY INSIGHTS
7.1. USAGE BASED INSURANCE MARKET
7.2. TRAVEL INSURANCE MARKET
CHAPTER 8 COMPANY PROFILES
8.1. AMERICAN INTERNATIONAL GROUP, INC.
8.1.1. Company Overview
8.1.2. Operating Business Segments
8.1.3. Business Performance
8.1.4. Key Strategic Moves & Developments
8.2. THE CHUBB CORPORATION
8.2.1. Company Overview
8.2.2. Operating Business Segments
8.2.3. Business Performance
8.2.4. Key Strategic Moves & Developments
8.3. ZURICH INSURANCE CO. LTD.
8.3.1. Company Overview
8.3.2. Operating Business Segments
8.3.3. Business Performance
8.3.4. Key Strategic Moves & Developments
8.4. XL GROUP LTD.
8.4.1. Company Overview
8.4.2. Operating Business Segments
8.4.3. Key Strategic Moves & Developments
8.5. BERKSHIRE HATHAWAY INC.
8.5.1. Company Overview
8.5.2. Operating Business Segments
8.5.3. Business Performance
8.5.4. Key Strategic Moves & Developments
8.6. ALLIANZ GROUP
8.6.1. Company Overview
8.6.2. Operating Business Segments
8.6.3. Business Performance
8.6.4. Key Strategic Moves & Developments
8.7. MUNICH RE
8.7.1. Company Overview
8.7.2. Operating Business Segments
8.7.3. Business Performance
8.7.4. Key Strategic Moves & Developments
8.8. LLOYDS OF LONDON LTD.
8.8.1. Company Overview
8.8.2. Key Strategic Moves & Developments
8.9. LOCKTON COMPANIES, INC.
8.9.1. Company Overview
8.9.2. Operating Business Segments
8.9.3. Business Performance
8.9.4. Key Strategic Moves and Developments
8.10. AON PLC
8.10.1. Company Overview
8.10.2. Operating Business Segments
8.10.3. Business Performance
8.10.4. Key Strategic Moves and Developments
List of Tables
Table 1. Cyber Insurance Market By Company Size, 2014-2022 ($Million)
Table 2. Small and Medium Enterprises Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 3. Very Small Sized Companies Cyber Insurance Market Revenue By Geography, 2014-2022 ($Million)
Table 4. Small-Sized Companies Cyber Insurance By Geography, 2014-2022 ($Million)
Table 5. Medium-Sized Companies Cyber Insurance, By Geography, 2014-2022 ($Million)
Table 6. Large Companies Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 7. Cyber Insurance Market By Industry Vertical, 2014-2022 ($Million)
Table 8. Healthcare Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 9. Retail Cyber Insurance Market, By Geography, 2014-2022 ($Million)
Table 10. Financial Services Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 11. It and Services Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 12. Others Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 13. Cyber Insurance Market Revenue By Geography, 2014-2022 ($Million)
Table 14. North America Cyber Insurance Market By Company Size, 2014-2022 ($Million)
Table 15. North America Cyber Insurance Market By Industry Vertical, 2014-2022 ($Million)
Table 16. North America Cyber Insurance Market Revenue By Country, 2014-2022 ($Million)
Table 17. Europe Cyber Insurance Market By Company Size, 2014-2022 ($Million)
Table 18. Europe Cyber Insurance Market By Industry Vertical, 2014-2022 ($Million)
Table 19. Europe Cyber Insurance Market By Country, 2014-2022 ($Million)
Table 20. Asia-Pacific Cyber Insurance Market By Company Size, 2014-2022 ($Million)
Table 21. Asia-Pacific Cyber Insurance Market By Industry Vertical, 2014-2022 ($Million)
Table 22. Asia-Pacific Cyber Insurance Market, By Country, 2014-2022 ($Million)
Table 23. Lamea Cyber Insurance Market, By Industry Vertical, 2014-2022 ($Million)
Table 24. Lamea Cyber Insurance Market By Country, 2014-2022 ($Million)
Table 25. Lamea Cyber Insurance Market, By Country, 2014-2022 ($Million)
Table 26. American International Group, Inc.: Company Snapshot
Table 27. American International Group, Inc.: Operating Segments
Table 28. The Chubb Corporation.: Company Snapshot
Table 29. The Chubb Corporation.: Operating Segments
Table 30. Zurich Insurance Co. Ltd: Company Snapshot
Table 31. Zurich Insurance Co. Ltd: Operating Segments
Table 32. Xl Group Ltd..: Company Snapshot
Table 33. Xl Group Ltd.: Operating Segments
Table 34. Berkshire Hathaway: Company Snapshot
Table 35. Berkshire Hathaway Inc.: Operating Segments
Table 36. Allianz Global Corporate & Specialty: Company Snapshot
Table 37. Allianz Global Corporate & Specialty: Operating Segments
Table 38. Munich Re Group: Company Snapshot
Table 39. Munich Re Group: Operating Segments
Table 40. Lloyds: Company Snapshot
Table 41. Lockton Companies, Inc: Company Snapshot
Table 42. Lockton Companies, Inc: Operating Segments
Table 43. Aon Plc: Company Snapshot
Table 44. Aon Plc: Operating Segments
List of Figures
FIGURE 1. TOP IMPACTING FACTORS
FIGURE 2. TOP INVESTMENT POCKETS
FIGURE 3. TOP WINNING STRATEGIES
FIGURE 4. PORTERS FIVE FORCES ANALYSIS
FIGURE 5. MARKET SHARE ANALYSIS, 2015
FIGURE 6. INTENTIONS BEHIND CYBER-ATTACKS, SEPTEMBER 2016
FIGURE 7. ATTACK VECTORS (2016)
FIGURE 8. COMPARATIVE MARKET SHARE ANALYSIS OF GLOBAL CYBER INSURANCE MARKET BY COMPANY SIZE, 2015 & 2022 (%)
FIGURE 9. COMPARATIVE MARKET SHARE ANALYSIS OF SMALL and MEDIUM ENTERPRISES CYBER INSURANCE MARKET, 2015 & 2022 (%)
FIGURE 10. SMALL and MEDIUM ENTERPRISES CYBER INSURANCE MARKET REVENUE, 2014-2022($MILLION)
FIGURE 11. SMALL and MEDIUM ENTERPRISES CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022 ($MILLION)
FIGURE 12. COMPARATIVE MARKET SHARE ANALYSIS OF VERY SMALL-SIZED COMPANIES CYBER INSURANCE MARKET, 2015 & 2022 (%)
FIGURE 13. VERY SMALL-SIZED COMPANYIES CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 14. VERY SMALL SIZED COMPANIES CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022($MILLION)
FIGURE 15. COMPARATIVE MARKET SHARE ANALYSIS OF SMALL-SIZED COMPANIES CYBER INSURANCE MARKET, 2015 & 2022 (%)
FIGURE 16. SMALL-SIZED COMPANIES CYBER INSURANCE MARKET REVENUE, 2014-2022($MILLION)
FIGURE 17. SMALL-SIZED COMPANIES CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022($MILLION)
FIGURE 18. COMPARATIVE MARKET SHARE ANALYSIS OF MEDIUM-SIZED COMPANIES CYBER INSURANCE MARKET, 2015 & 2022 (%)
FIGURE 19. MEDIUM-SIZED COMPANIES CYBER INSURANCE MARKET REVENUE, 2014-2022($MILLION)
FIGURE 20. MEDIUM-SIZED COMPANIES CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022($MILLION)
FIGURE 21. COMPARATIVE MARKET SHARE ANALYSIS OF LARGE COMPANIES CYBER INSURANCE MARKET, 2014 & 2022 (%)
FIGURE 22. LARGE COMPANIES CYBER INSURANCE MARKET REVENUE, 2014-2022($MILLION)
FIGURE 23. LARGE COMPANIES CYBER INSURANCE MARKET REVENUE, BY GEOGRAPHY, 2014-2022($MILLION)
FIGURE 24. COMPARATIVE MARKET SHARE ANALYSIS OF GLOBAL CYBER INSURANCE MARKET BY INDUSTRY VERTICAL, 2015 & 2022 (%)
FIGURE 25. COMPARATIVE MARKET SHARE ANALYSIS OF GLOBAL HEALTHCARE CYBER INSURANCE MARKET BY GEOGRAPHY, 2015 & 2022 (%)
FIGURE 26. HEALTHCARE CYBER INSURANCE MARKET REVENUE, 2014-2022($MILLION)
FIGURE 27. HEALTHCARE CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022 ($MILLION)
FIGURE 28. COMPARATIVE MARKET SHARE ANALYSIS OF RETAIL CYBER INSURANCE MARKET BY GEOGRAPHY, 2015 & 2022 (%)
FIGURE 29. RETAIL CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 30. RETAIL CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY,2014-2022($MILLION)
FIGURE 31. COMPARATIVE MARKET SHARE ANALYSIS OF FINANCIAL SERVICES CYBER INSURANCE MARKET BY GEOGRAPHY, 2015 & 2022 (%)
FIGURE 32. FINANCIAL SERVICES CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 33. FINANCIAL SERVICES CYBER INSURANCE MARKET REVENUE BY GEOGRAPHY, 2014-2022 ($MILLION)
FIGURE 34. COMPARATIVE MARKET SHARE ANALYSIS OF IT and SERVICES CYBER INSURANCE MARKET BY GEOGRAPHY, 2015 & 2022 (%)
FIGURE 35. IT and SERVICES CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 36. IT and SERVICES CYBER INSURANCE MARKET BY GEOGRAPHY, 2014-2022 ($MILLION)
FIGURE 37. COMPARATIVE MARKET SHARE ANALYSIS OF OTHERS CYBER INSURANCE MARKET BY GEOGRAPHY, 2015 & 2022 (%)
FIGURE 38. OTHERS CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 39. OTHERS CYBER INSURANCE MARKET BY GEOGRAPHY, 2014-2022 ($MILLION)
FIGURE 40. COMPARATIVE MARKET SHARE ANALYSIS OF CYBER INSURANCE MARKET BY GEOGRAPHY, 2015 & 2022 (%)
FIGURE 41. COMPARATIVE MARKET SHARE ANALYSIS OF NORTH AMERICA CYBER INSURANCE MARKET, BY COUNTRY, 2015 & 2022 (%)
FIGURE 42. NORTH AMERICA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 43. NORTH AMERICA CYBER INSURANCE MARKET REVENUE BY COUNTRY, 2014-2022 ($MILLION)
FIGURE 44. U.S. COMPANIES: AVERAGE ORGANIZATIONAL COST OF A DATA BREACH, 2010-2014
FIGURE 45. HISTORICAL DEVELOPMENT OF CYBER (REINSURANCE)
FIGURE 46. U.S. CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 47. REST OF NORTH AMERICA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 48. COMPARATIVE MARKET SHARE ANALYSIS OF EUROPE CYBER INSURANCE MARKET, BY COUNTRY, 2015 & 2022 (%)
FIGURE 49. EUROPE CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 50. EUROPE CYBER INSURANCE MARKET REVENUE BY COUNTRY, 2014-2022 ($MILLION)
FIGURE 51. UK CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 52. GERMANY CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 53. FRANCE: CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 54. REST OF EUROPE: CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 55. COMPARATIVE MARKET SHARE ANALYSIS OF ASIA-PACIFIC CYBER INSURANCE MARKET, BY COUNTRY, 2015 & 2022 (%)
FIGURE 56. ASIA-PACIFIC CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 57. ASIA-PACIFIC CYBER INSURANCE MARKET BY COUNTRY, 2014-2022 ($MILLION)
FIGURE 58. SINGAPORE CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 59. JAPAN CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 60. AUSTRALIA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 61. SOUTH KOREA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 62. REST OF ASIA-PACIFIC CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 63. COMPARATIVE MARKET SHARE ANALYSIS OF LAMEA CYBER INSURANCE MARKET, BY COUNTRY, 2015 & 2022 (%)
FIGURE 64. LAMEA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 65. LAMEA CYBER INSURANCE MARKET, BY COUNTRY, 2014-2022 ($MILLION)
FIGURE 66. LATIN AMERICA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 67. MIDDLE EAST and AFRICA CYBER INSURANCE MARKET REVENUE, 2014-2022 ($MILLION)
FIGURE 68. AMERICAN INTERNATIONAL GROUP, INC.: COMPANY SNAPSHOT
FIGURE 69. CHUBB LIMITED.: COMPANY SNAPSHOT
FIGURE 70. ZURICH INSURANCE CO. LTD: COMPANY SNAPSHOT
FIGURE 71. BERKSHIRE HATHAWAY.: COMPANY SNAPSHOT
FIGURE 72. ALLIANZ GLOBAL CORPORATE & SPECIALTY: COMPANY SNAPSHOT
FIGURE 73. MUNICH RE GROUP: COMPANY SNAPSHOT
FIGURE 74. LLOYDS: COMPANY SNAPSHOT
FIGURE 75. COMPANY SNAPSHOT
FIGURE 76. AON PLC :COMPANY SNAPSHOT
The cyber insurance market is largely concentrated in the developing economies, especially in the U.S. which accounts for the major market share. On the other hand, the penetration is low in developing economies such as China and it is estimated cyber insurance market share in these economies would increase at a significant rate during the forecast period 2016 to 2022. It is observed that cyber insurance has become a “must have” coverage, especially for large companies. With the rising awareness about cyber risks and availability of insurance cover, more and more companies are increasingly opting for insurance plans that fits the company’s unique needs. The penetration of cyber liability insurance among small and medium enterprises is expected to increase during the forecast period as maximum number of these companies fall prey to cyber-attacks as well as increasing C level executives get educated about the cyber risks associated with cyber-attacks. However, lack of standardized policies hinders the cyber insurance industry growth.
Financial institutions, retail, and information technology companies have been the early adopters of cyber insurance. However, there has been a drift observed within companies from verticals including healthcare, education, manufacturing, construction, and power & who have come into the purview of cyber-attacks. The advancement in the technology has led to companies of every sizes to adopt cyber liability insurance. To meet such an increasing demand of cyber insurance, special cyber insurance policies are developed by insurers to help businesses and individuals protect themselves from the cyber threat. For instance, insurers such as AIG recently introduced a standalone policy “CyberEdge Plus” that covers wide range of cyber risks such as bodily injury, property damage, product liability, and business interruption.
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