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Global Cyber Insurance Market is Expected to Grow at a CAGR of 20% in the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global Cyber Insurance Market Report and Forecast2022-2027’, the global cyber insurance market reached a value of around USD 6 billion in 2020. The market is likely to increase at a CAGR of 20% in the forecast period of 2022-2027.

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 2021, 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.

Market Analysis by Company Size, Application, and Region:

  • The cyber insurance company sizes include small and medium enterprises and large enterprises.
  • It finds its application in BFSI, healthcare, IT and telecom, and retail sectors, among others.
  • The regional markets of cyber insurance include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing awareness of cyber hazards among senior managers, as well as high cyber-related losses, are propelling the market growth.
  • The increasing application of legislation on data security in developing countries would further push the cyber insurance market forward.
  • The increased penetration of the internet is leading to more cyber threats, providing an impetus to the market growth.
  • Rising urbanisation and technological advancements are driving the market growth further.

Key Offerings of the Report:

  • The EMR report gives an overview of the global cyber insurance market for the periods (2017-2021) and (2022-2027), covering the company size and applications of cyber insurance.
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the regions.
  • The comprehensive report assesses the market based on SWOT and Porter's Five Forces analysis.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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