The Global Cyber Insurance Market was valued at USD 9.98 Billion in the year 2021. Cyber insurance is growing in popularity across small, medium, and large-scale industries, driven by technological advances. In addition, the increasing media coverage of business attacks increased the desire for businesses to secure cyber insurance policies in the market. Also, the growing adoption of digitization, rapid developments in the technologies, cloud-based storage systems, Big Data, IoT, and artificial intelligence (AI) in business are frequently exposed to security breaches which have led various firms to adopt cybersecurity insurance in the market.
Based on the Insurance Type segment, the Standalone segment is expected to hold the largest share in the Cyber Insurance market in the year 2027. This is because most of the Standalone policies provide media liability insurance, which covers claims alleging libel or slander, invasion of privacy or other wrongdoings. In addition, the Standalone policy covers various property exposures, such as business interruption, data loss/destruction, and funds transfer loss. Americas region is estimated to have the maximum share in the global Cyber Insurance market followed by APAC & Europe. Americas is capable of investing heavily in R&D activities, which in turn contributes to the advancement of cyber insurance technology in the market.
Cloud computing has eroded traditional IT boundaries, opened up new markets, promoted mobile devices, and helped to advance unified communications. As a result, modern cyber security is pushing firms to use more sophisticated insurance models to protect sensitive data on the cloud. All these factors are propelling the growth of the cyber insurance market. Further, the presence of a majority of players worldwide in the cyber insurance market is expected to be the major factor driving the growth of the market globally. Leading players like Allianz have a product like Allianz Global Corporate & Specialty (AGCS) that has a long experience in cyber insurance, protecting organizations against cyber-crime and digital threats.
Scope of the Report
• The report presents the analysis of the Cyber Insurance market for the historical period of 2017-2021 and the forecast period of 2022-2027.
• The report analyses the Cyber Insurance Market by Value (USD Billion).
• The report analyses the Cyber Insurance Market by Insurance Type (Standalone, Packaged).
• The report analyses the Cyber Insurance Market by Organization (Large Enterprises, SMEs).
• The report analyses the Cyber Insurance Market by Application (Healthcare, IT & Telecom, BFSI, Others).
• The Global Cyber Insurance Market has been analysed by countries (United States, Canada, Brazil, United Kingdom, Germany, France, China, Japan, India, South Korea, Singapore).
• Also, the attractiveness of the market has been presented by region, by Insurance Type, by organization and by application.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Allianz Group, AIG, AXA XL, AON Plc., Liberty Mutual, Chubb Limited, Beazley, Travelers, Axis Capital, CNA Financial.
Key Target Audience
• Cyber Insurance Industry Vendors
• Consulting and Advisory Firms
• Government and Policy Makers
• Regulatory Authorities
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