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The cyber insurance market is witnessing a robust growth as the need for cyber insurance policies grows. The rise is due to an increase of cyber-attacks, including a coordinated cyber-assault on Ukrainian energy distribution firms, an infringement of health care provider Anthem Inc., a breach of the White House's unclassified network, as well as a massive client data violation faced by LinkedIn and Twitter in recent times. Such incidents have adverse effects on businesses and have resulted in enormous losses for related organisations. As a result, there is an increasing awareness of cyber threats, contributing to the introduction of higher cyber liability insurance policies. While the Asia Pacific cyber insurance industry is still in its initial stages, the Asia Pacific market is being driven by the increasing awareness of cyber risk and the implementation of data-breach laws. Data infringement regulations have already been introduced by South Korean and Australian governments, while appropriate bills are currently being established by countries like China, India, Malaysia, and Indonesia. These favourable regulations are expected to aid the growth of the cyber insurance industry in the coming years.
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Aon PLC (NYSE: AON) is a leading key player in the cyber insurance market. The company provides a broad range of risk, retirement, and health solutions. In February 2020, Aon acquired Cytelligence Inc, which is a Canadian-based cybersecurity firm. Cytelligence offers incident response advisory, digital forensic expertise, security consulting services, as well as cybersecurity training to its employees, to help several organisations respond to cyber threats or attacks and enhance their security position. The acquisition expands Aon's cyber insurance portfolio.
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The key players in the global cyber insurance market include companies like AON Plc, American International Group, Inc., Allianz Global Corporate & Specialty (Allianz Group), Berkshire Hathaway Speciality Insurance, Lockton, Inc., Chubb Group Holdings Inc., Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Xl Catlin Insurance Co. UK Ltd., Zurich Insurance Co. Ltd. (Zurich Insurance Group AG), and others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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