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Canada Cyber Insurance Market Size, Share, Growth, Analysis: By Type: Packaged, Standalone; By Coverage: First Party, Liability Coverage; By End Use: BFSI, Healthcare, IT and Telecom, Retail, Manufacturing, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Canada Cyber Insurance Market Outlook
The Canada cyber insurance market size was approximately USD 324.31 million in 2023. The market is assessed to grow at a CAGR of 18.5% between 2024 and 2032, reaching a value of USD 1,595.16 million by 2032.
Key Trends in the Market
Cyber insurance refers to a contract of surety purchased by businesses as a precautionary measure against cybersecurity incidents. It covers the losses arising from damage to computer systems, personal data breach of customers, and the costs associated with recovery of lost data. It reduces the company’s liability to its stakeholders and third parties and ensures smooth business operations.
- The number of companies affected by cyberattack grew from 78% in 2020 to 85.7% in 2021. Nearly 65% companies expect to witness a ransomware attack in the future. This can cause them to spend $2 million in repairs and damage control. To lower the chances of incurring losses and reduce financial risks associated with doing business online, companies are increasingly adopting cybersecurity insurance.
- Canadian Anti-Fraud Centre estimates that Canada lost approximately $100 million to online fraud. Out of this, nearly $70 million was investment fraud involving cryptocurrencies. This is expected to strengthen the banking system regulations surrounding non-legal tender and boost the Canada cyber insurance market demand.
- Many retail shops have shifted to an online marketplace for generating better sales revenue and earning profits after the COVID-19 pandemic. However, an increase in the number of malware and phishing attacks adversely affect their databases containing critical consumer information like mobile phone number, address, and credit card details. This is expected to increase the adoption of cyber insurance by small and medium size companies and boost the Canada cyber insurance market growth.
Market Segmentation
Based on type, the market is segmented into packaged and standalone. On the basis of coverage, the market can be divided into first party and liability coverage. The Canada cyber insurance market segmentation, based on end-use, includes BFSI, healthcare, IT and telecom, retail, and manufacturing, among others.
The major regional markets for cyber insurance in Canada include Northern Canada, British Columbia, Alberta, the Prairies, Central Canada, and Atlantic Canada.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Canada cyber insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- American International Group, Inc.
- AXA SA
- Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
- Allianz SE
- Zurich Insurance Group AG
- Aviva Plc
- CNA Financial Corporation
- Coalition, Inc.
- Rogers Insurance Ltd.
- SGI CANADA Insurance Services Ltd.
- Others
Market Share by Coverage
As per the Canada cyber insurance market analysis, first party coverage is expected to lead the demand for cyber insurance policies. This is because of its comprehensive nature that covers the expenses for investigation of accident, providing anti-fraud services to customers, and compensating the revenue lost due to disruption of operations. Third party coverage generally compensates legal costs and regulatory fines associated with non-compliance of court’s requirements. It is also expected to rise in demand as research into malicious attacks becomes more precise and transparent.
First party coverage enables an assessment of the risk of future cyber frauds and provides for ransomware payments up to the coverage limit in policy. This is an attractive option for many businesses as the cost of repayment can be substantial, and it can save them money and resources.
Market Share by End-Use
The manufacturing sector is expected to account for a significant Canada cyber insurance market share as the incidence of cyberattacks aimed at damaging critical infrastructure rises within the sector. In 2021, Canada’s manufacturing sector remained the most attacked, experiencing around 1 in 3 cyber incidents, which was higher than the global average of 1 in 4. This adversely impacted Canadian manufacturers’ ability to operate efficiently and earn revenues, which is expected to boost the demand for cyber insurance.
The energy related businesses and the BFSI and healthcare sectors are also expected to witness a surge in demand for cyber insurance as they are among the most attacked industries online in Canada.
Competitive Landscape
AXA SA was founded in 1958 and is headquartered in Paris, France. It services 93 million clients in 51 countries across the world. It provides insurance services to people, their personal properties and homes, their family members, and manages and invests in business assets of its own clients along with third parties including retail and institutional clients.
Allianz SE was founded in 1890 and is headquartered in Munich, Germany. It is one of the world’s biggest insurance and asset management companies with a multinational presence in 70+ countries. It provides personal and corporate insurance services which includes property, life, and health insurance services along with credit and global business insurance services.
Rogers Insurance Ltd. was founded in 1977 and is headquartered in Calgary, Alberta. It is one of the biggest brokerage firms in Canada which provides commercial, personal, and signature insurance services to its clients and customers. This includes cyber liability insurance, equipment breakdown insurance, disability insurance, and fine art insurance, among others. It is one of the most renowned insurance firms in Canada that is owned and operated privately.
Other Canada cyber insurance market players include American International Group, Inc. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, Zurich Insurance Group AG, Aviva Plc, CNA Financial Corporation, Coalition, Inc., and SGI CANADA Insurance Services Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Coverage |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Cyber Insurance Market Overview
8.1 Key Industry Highlights
8.2 North America Cyber Insurance Historical Market (2018-2023)
8.3 North America Cyber Insurance Market Forecast (2024-2032)
8.4 North America Cyber Insurance Market Share by Country
8.4.1 United States
8.4.2 Canada
9 Canada Cyber Insurance Market Overview
9.1 Key Industry Highlights
9.2 Canada Cyber Insurance Historical Market (2018-2023)
9.3 Canada Cyber Insurance Market Forecast (2024-2032)
10 Canada Cyber Insurance Market by Type
10.1 Packaged
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Standalone
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Canada Cyber Insurance Market by Coverage
11.1 First Party
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.1 Liability Coverage
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
12 Canada Cyber Insurance Market by End Use
12.1 BFSI
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Healthcare
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 IT and Telecom
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Retail
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Manufacturing
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Canada Cyber Insurance Market by Region
13.1 Northern Canada
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 British Columbia
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Alberta
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 The Prairies
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Central Canada
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Atlantic Canada
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 American International Group, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AXA SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Allianz SE
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Zurich Insurance Group AG
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Aviva Plc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 CNA Financial Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Coalition, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Rogers Insurance Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 SGI CANADA Insurance Services Ltd.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Cyber Insurance Market: Key Industry Highlights, 2018 and 2032
2. Canada Cyber Insurance Market: Key Industry Highlights, 2018 and 2032
3. Canada Cyber Insurance Historical Market: Breakup by Type (USD Million), 2018-2023
4. Canada Cyber Insurance Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Canada Cyber Insurance Historical Market: Breakup by Coverage (USD Million), 2018-2023
6. Canada Cyber Insurance Market Forecast: Breakup by Coverage (USD Million), 2024-2032
7. Canada Cyber Insurance Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Canada Cyber Insurance Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Canada Cyber Insurance Historical Market: Breakup by Region (USD Million), 2018-2023
10. Canada Cyber Insurance Market Forecast: Breakup by Region (USD Million), 2024-2032
11. Canada Cyber Insurance Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 324.31 million.
The Canadian cyber insurance market is estimated to grow at a CAGR of 18.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 1,595.16 million by 2032.
The market is being driven by the growing use of laptops and smartphones through which targeting people and businesses with a malicious intent has become easier.
The key trends aiding the market expansion include increasing number of cyberattacks, the rising instances of online fraud, and growing online presence by retailers.
The major regions in the market are Northern Canada, British Columbia, Alberta, the Prairies, Central Canada, and Atlantic Canada.
The major types of cyber insurance include packaged and standalone.
The major players in the market are American International Group, Inc., AXA SA, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, Allianz SE, Zurich Insurance Group AG, Aviva Plc, CNA Financial Corporation, Coalition, Inc., Rogers Insurance Ltd., and SGI CANADA Insurance Services Ltd., among others.
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