The Global Cyber Insurance Market is valued at USD 8.73 billion in 2022 and is projected to reach a value of USD 51.04 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 24.70% over the forecast period.
Cyber Insurance is intended to assist an organization in the event of a cyber-related security breach or similar event. It provides coverages for both first-party and third-party claims in order to reduce risk exposure by offsetting costs associated with the recovery of internet-based cyber losses. It typically includes losses resulting from network security breaches, loss of privacy, and indemnification from data breach-related lawsuits, among other things. These attacks have become more intense and frequent, posing a threat to individuals, organization, and countries, driving the adoption of Cyber Insurance solutions. Cyber-attacks have a negative impact on businesses, including decreased customer base, business disruption, regulatory fines, legal penalties and attorney fees, intellectual property loss, and reputational damage.
The increased adoption of Cyber Insurance products as a result of the increased implications of cyber-attacks on public safety, economic prosperity, and government cyber security has resulted in significant growth in the Cyber Insurance Market in recent years. Furthermore, increased awareness of business interruption (BI) cyber risks, as well as a growing number of mandatory data security legislations in various end-user industries such as banking, healthcare, and others, are some of the major factors driving the Cyber Insurance Market growth.
Cyber Insurance Market Size, 2022 To 2030 (USD billion)
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The Cyber Insurance Market is segmented on the basis of Company size and Industry vertical. On the basis of Company size, the market is divided into Large Companies and Small & Medium-sized Companies. On the Basis of industry vertical, the market is divided into BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector and Others.
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Based on Company Size
On the basis of Company size, the market is divided into Large Companies and Small & Medium-sized Companies. Because of the rising number of cyberattacks and significant data breaches, large businesses are projected to dominate the market. To secure the safety of their clients' and organizations' data, huge corporations are heavily investing in risk management solutions. During the projection period, small and medium businesses are expected to grow at a high rate. Small businesses are the new target of hackers; thus, they are eager to invest in cybersecurity insurance solutions. Small and medium business insurance is being offered by a number of major providers.
Based on Industry Vertical
Based on industry vertical, the market is segmented into BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector and Others. During the forecast period, BFSI is expected to obtain the most segment share. The cyber security risk is likely to rise as a result of fast digitization, more customer personal data, and use of mobile applications and internet banking. Because of the large amount of client data, the banking sector is likely to be a tempting target for hackers This is anticipated to increase demand for cyber security insurance in the financial services industry. Similarly, the retail sector is expected to gain significant market share over the forecast period. Insurance policy adoption aids shops in obtaining client trust and expanding their business. As a result of the growing number of cyber-attacks on patient data, the healthcare industry is expected to rise quickly. This is likely to increase insurance demand in the healthcare sector.
North America Region Dominates the Cyber Insurance Market with the Largest Share
During the forecast period, North America will hold the largest share of the market with a market share of 43.90%. The region's cybersecurity insurance demand is likely to be driven by rising cyberattacks and the high risk of data loss. The United States is expected to experience rapid growth as a result of the country's strong government regulation and strict cybersecurity policy. Furthermore, the country's significant presence of key Cyber Insurance companies is likely to fuel its growth. Increased cyber- attacks and a high risk of data loss are expected to stoke demand for cyber security insurance in the region.
Key players operating in the Global Cyber Insurance Market include Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies Inc., Munich Re, The Chubb Corporation, Zurich.
Segmentation of the Global Cyber Insurance Market:
- Organization Size Size (Large Companies, Small & Medium-sized Companies)
- Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, Others)
- Component (Cybersecurity Insurance Analytics Platform, Disaster Recovery and Business Continuity, Cybersecurity Solution, Consulting/ Advisory, Security Awareness Training, Others)
- Insurance Coverage (Data Breach, Cyber Security liability)
- Insurance Type (Packed, Stand Alone)
- Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- American International Group Inc.
- Aon plc
- Berkshire Hathway Inc.
- Lloyd’s of London Ltd.
- Lockton Companies Inc.
- Munich Re
- The Chubb Corporation
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analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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