Cyber Insurance Market Research Report – Global Forecast till 2025
Market Highlights
The report published on the global cyber insurance market revealed the growth to be at a notable pace of 22.6%. The valuation of the cyber insurance market was stated to surpass its previous valuation of USD 4.71 billion by the end of the forecast period in 2025.
Increasing digitalization across the globe has led to the creation of various key challenges, especially related to managing and ensuring digital security and privacy. Management of online and digital risks has become one of the biggest priorities and need for businesses due to the increasing prevalence of cybercrimes, threats, digital frauds, and data breaches. This is expected to majorly boost the need and adoption of cyber insurance across the globe.
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Segmentation:
The global cyber insurance market has been segmented in terms of type and applications.
By component, the market divides into services and solution.
By coverage type, the market breaks down into first-party coverage, third-party coverage, and others. The third-party coverage segment of the market is further narrowed down into credit monitoring, privacy and security liability, crisis management, litigation, regulatory response, media and commutations liability, network security liability, and others. While the first-party coverage segment is segmented into forensic investigation, computer program, business interruption, theft and fraud, and electronic restoration and extortion.
By organization size, the market includes large companies and SMEs. The small and medium sized enterprises segment is the more vulnerable to be hit with cyber threats and attacks. This is making the SMEs to look towards cyber solutions and apply for cyber insurance. Whereas, the large company segment leads the market with the highest percentage of share.
By vertical, the market comprises IT & telecom, healthcare, banking, financial services, and insurance, aerospace & defense, automotive & transportation, retail, government, energy & utilities, media & entertainment, manufacturing, education, and others. The BFSI industry has emerged out to be one of the key industries in the cyber insurance market due to the growing monetary operations. The industry is expected to face a number of cybersecurity occurrences like frauds, large-scale breaches, and heists. The BFSI industry is considered to be the backbone of an economy, thereby making its security of utmost importance.
Regional Analysis
The global cyber insurance market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. North America enjoys the highest share in the cyber insurance market globally and is expected to spearhead the standings due to technological advancements. In North America, US holds the highest percentage when it comes to country-wise contribution due to the high adoption level of digital transformation. The increasing cases of digitalization has increased the chances of cyber risks and made the region vulnerable, thereby prompting the need for such solution.
Europe is the second-largest cyber insurance market in the global rankings in terms of share percentage. This is due to the massive-scale adoption of cloud-based services herein. Herein, factors like GDPR, regulatory compliance of laws, are steering the regional market forward as well.
Competitive Landscape
The global cyber insurance market comprises a host of key players. The players are putting-in enormous effort in ensuring the adoption of cyber insurance services and spreading awareness about the pitfalls that lies in the digital age. The market comprises key and prominent players like Lockton Companies Inc. (US), Security Scorecard (US), AXA XL (US), The Chubb Corporation (US), Allianz SE (Germany), GUY CARPENTER & COMPANY, LLC (US), At-Bay, Inc. (US), AON PLC (UK), Lloyds Bank PLC (UK), Zurich Insurance Co. Ltd (Switzerland), HDFC ERGO General Insurance Company Limited (India), American International Group Inc. (US), Munich Re Group (Germany), Beazley Group (UK), and Jardine Lloyd Thompson Group Ltd (UK).
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Cyber Insurance Market Research Report: By Component (Solution and Service), Coverage Type [Third Party Coverage (Litigation, Regulatory Response, Crisis Management, Credit Monitoring, Media and Communications Liability, Privacy and Security Liability and Network Security Liability), First-Party Coverage (Theft and Fraud, Forensic Investigation, Business Interruption, Computer Program, and Electronic Restoration and Extortion) and others], Organization Size (Large Enterprise and Small & Medium-Sized Enterprise)
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