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Cyber Insurance Market

Global Cyber Insurance Market Size, Share, Trends, Forecast: By Company Size: Small and Medium Enterprises, Large Enterprises; By Application: BFSI, Healthcare, IT and Telecom, Retail, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032

Global Cyber Insurance Market Outlook

The global cyber insurance market size attained a value of approximately USD 12.79 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 24.2%, reaching a value of around USD 89.96 billion by 2032.

 

An increase in mandatory cybersecurity regulations and laws regarding cybersecurity is driving the market growth for cyber insurance. In recent years, the market for cyber insurance has experienced tremendous growth as a result of increasing demand for cyber insurance products due to increasing risks of cyberattacks on public safety, economic prosperity, and government cyber security. Additional factors expanding the cyber insurance market share include rising awareness of business interruption (BI) cyber risks and an increase in the number of laws that are becoming obligatory for data protection in a variety of end-user industries, including banking, healthcare, and others. Organisations are more vulnerable to cyber-attacks and data breaches as more electronic devices are used to hold data. The necessity to recoup costs, resume core operations, and stabilise the company is a key factor positively affecting the market for cyber insurance.

 

Cyber Insurance Market

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Global Cyber Insurance Market Overview

The market for cyber insurance is booming as demand for cyber insurance policies rises. The growth is ascribed to the increase in cyber-attacks such as the coordinated cyber-attack on the Ukrainian national energy distribution businesses, system infringement of health insurer Anthem Inc., infringement of the unclassified network of the White House, and client data breaches that LinkedIn and Twitter have faced. Such events have adverse effects on companies, and cause enormous losses for the organisations involved. As a result, there is rising awareness regarding cyber hazards, resulting in higher cyber liability insurance policies being adopted.

 

Properties and Applications

Cyber insurance is an insurance product used to safeguard companies and individual customers from internet-based hazards and risks associated with infrastructure and operations related to information technology. It offers coverages for both first-party claims and third-party claims, reducing risk exposure by compensating the costs associated with recovering from internet-based cyber damages.

 

Cyber Insurance Market By Segments

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Based on company size, the market is bifurcated into:

  • Small and Medium Enterprises 
  • Large Enterprises

 

On the basis of application, the market is segmented into:

  • BFSI
  • Healthcare
  • IT and Telecom
  • Retail
  • Others

 

The EMR report looks into the regional markets for cyber insurance like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

 

Cyber Insurance Market By Region

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Cyber Insurance Market Analysis

Increasing awareness of cyber danger and significant cyber-related losses among high-level managers are boosting the cyber insurance market growth. It is also likely that the adoption of data security laws in developing countries would stimulate the market for cyber insurance. However, difficulties in quantifying cyber risk and negligence of clients are constraints for this market that might hinder the market growth in the coming years. In developing economies, the market for cyber insurance has enormous potential as it is mostly untapped, thus aiding in expanding the size of cyber insurance market.

 

Competitive Landscape

The report presents a detailed analysis of the following key players in the global cyber insurance market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

 

  • AON Plc
  • American International Group, Inc.
  • Allianz Global Corporate and Specialty SE
  • Berkshire Hathaway Speciality Insurance Co. 
  • Lockton Companies Inc.
  • Chubb Group Holdings Inc.
  • Munich Re 
  • Xl Catlin Insurance Co. UK Ltd. 
  • Zurich Insurance Co. Ltd.  
  • The Hanover Insurance Group
  • Others

 

The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

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:

  • Company Size
  • Application
  • Region
Breakup by Company Size
  • Small and Medium Enterprises 
  • Large Enterprises
Breakup by Application
  • BFSI
  • Healthcare
  • IT and Telecom
  • Retail
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • AON Plc
  • American International Group, Inc.
  • Allianz Global Corporate and Specialty SE
  • Berkshire Hathaway Speciality Insurance Co. 
  • Lockton Companies Inc.
  • Chubb Group Holdings Inc.
  • Munich Re 
  • Xl Catlin Insurance Co. UK Ltd. 
  • Zurich Insurance Co. Ltd.  
  • The Hanover Insurance Group
  • Others

 

*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    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Cyber Insurance Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Cyber Insurance Historical Market (2018-2023) 
    8.3    Global Cyber Insurance Market Forecast (2024-2032)
    8.4    Global Cyber Insurance Market by Company Size
        8.4.1    Small and Medium Enterprises
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Large Enterprises
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Cyber Insurance Market by Application
        8.5.1    BFSI
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Healthcare
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    IT and Telecom 
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Retail
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Others
    8.6    Global Cyber Insurance Market by Region       
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032) 
9    North America Cyber Insurance Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Cyber Insurance Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Cyber Insurance Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.2    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Cyber Insurance Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Cyber Insurance Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
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    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Aon Plc
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    American International Group Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3     Allianz Global Corporate and Specialty SE
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Berkshire Hathaway Specialty Insurance Co.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Lockton Companies Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Chubb Group Holdings Inc.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Munich Re
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Xl Catlin Insurance Co. UK Ltd.
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    Zurich Insurance Co. Ltd.
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    The Hanover Insurance Group
            16.2.10.1    Company Overview
            16.2.10.2    Product Portfolio
            16.2.10.3    Demographic Reach and Achievements
            16.2.10.4    Certifications
        16.2.11    Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Cyber Insurance Market: Key Industry Highlights, 2018 and 2032
2.    Global Cyber Insurance Historical Market: Breakup by Company Size (USD Million), 2018-2023
3.    Global Cyber Insurance Market Forecast: Breakup by Company Size (USD Million), 2024-2032
4.    Global Cyber Insurance Historical Market: Breakup by Application (USD Million), 2018-2023
5.    Global Cyber Insurance Market Forecast: Breakup by Application (USD Million), 2024-2032
6.    Global Cyber Insurance Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Cyber Insurance Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Cyber Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Cyber Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Cyber Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Cyber Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Cyber Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Cyber Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Cyber Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Cyber Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Cyber Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Cyber Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Global Cyber Insurance Market Structure

Key Questions Answered in the Report

In 2023, the global market for cyber insurance attained a value of approximately USD 12.79 billion.

The market is projected to grow at a CAGR of 24.2% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 89.96 billion by 2032.

The major drivers of the market include increasing demand for cyber insurance policies, rising prevalence of cyber-attacks, and increase in adoption of cyber insurance products.

The key cyber insurance market trends include increasing awareness of cyber threats among high-level managers, growing number of mandatory legislations for data security, and rising investments in cyber insurance by small and medium enterprises.

The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The significant company sizes in the market for cyber insurance are small and medium enterprises and large enterprises.

The various applications of cyber insurance in the market include BFSI, healthcare, IT and telecom, and retail, among others.

The major players in the market, according to the report, are AON Plc, American International Group, Inc., Allianz Global Corporate and Specialty SE, Berkshire Hathaway Speciality Insurance Co., Lockton Companies Inc., Chubb Group Holdings Inc., Munich Re, Xl Catlin Insurance Co. UK Ltd., Zurich Insurance Co. Ltd., and The Hanover Insurance Group, among others.

Analyst Review

The global cyber insurance market attained a value of approximately USD 12.79 billion in 2023, driven by increasing awareness about cyber-attacks. Aided by the increasing demand for cyber insurance policies and growing number of mandatory legislations for data security in different end-users, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 24.2%. The market is projected to reach a value of around USD 89.96 billion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. On the basis of company size, the market is divided into small and medium enterprises and large enterprises. Based on application, the market is segmented into BFSI, healthcare, IT and telecom, and retail, among others. The major regional markets for cyber insurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include AON Plc, American International Group, Inc., Allianz Global Corporate and Specialty SE, Berkshire Hathaway Speciality Insurance Co., Lockton Companies Inc., Chubb Group Holdings Inc., Munich Re, Xl Catlin Insurance Co. UK Ltd., Zurich Insurance Co. Ltd., and The Hanover Insurance Group, among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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