Global Cyber Insurance Market Overview:
Cyber-insurance is referring as an insurance product used to protect the businesses and individual users from Internet-based risks, and more generally from the risks relating to information technology infrastructure and activities. Risks of this nature are generally excluded from traditional commercial general liability policies or at least are not specifically defined in that traditional insurance products. Coverage provided by cyber-insurance policies may included the first-party coverage against losses such as data destruction, hacking, extortion, theft and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, due to errors and omissions, failure to safeguard data or defamation, and other benefits including regular security-audit, investigative expenses and post-incident public relations and criminal reward funds
As per latest study released by AMA Research, the Global Cyber Insurance market is expected to see growth rate of 24.0% and may see market size of USD19.8 Million by 2028.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Intrusion Of Unauthorized Access Entities Into Critical Data Rises and Demand For Coverage Is Shifting
Market Growth Drivers:
Increasing Stringency Of Government Regulations And Growing Cyber Threats, Demand For Integrated Cyber Solutions and Rising Severity Of Cyber-Crimes, The Popularity Of Cloud Security, Rapid Adoption Of Cloud Computing, Data Center, And Wireless Communication
Challenges:
Lack Of Effective Defense Major and Increased Burden Of Legislation
Restraints:
Complex And Changing Nature Of Cyber Risks
Opportunities:
Low Market Penetration Of Cyber Insurance Policies In Developing Countries Offers Promising Business Opportunity For Market Players
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are American International Group, Inc. (United States), The Chubb Corporation (United States), Zurich Insurance Co. Ltd (Switzerland), XL Group Ltd (Republic of Ireland), Berkshire Hathaway (United States), Allianz Global Corporate & Specialty (Germany), Munich Re Group (Germany), Lloyds (United Kingdom), Lockton Companies, Inc. (United States) and AON PLC (United Kingdom). Analyst at AMA Research see United States Players to retain maximum share of Global Cyber Insurance market by 2028. Considering Market by Company Size, the sub-segment i.e. Small Enterprise will boost the Cyber Insurance market.
Latest Market Insights:
In August 2023, Zurich Insurance Group announced a new cyber insurance product for supply chains. The new product is designed to help businesses protect themselves from supply chain disruptions caused by cyberattacks.
In October 2023, Chubb announced a new cyber insurance product for small and medium-sized businesses (SMBs). The new product is designed to help SMBs protect themselves from the growing threat of cyberattacks.
The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies
What Can be Explored with the Cyber Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Cyber Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Cyber Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Cyber Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Cyber Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Cyber Insurance service Vendors, Cyber Insurance Association, Regulatory Bodies, End Users, Government Bodies, Consulting firms and Emerging Companies.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.