USD 10.33 billion
Global Cyber Insurance Market Size, Share, Growth Analysis, By End user(Healthcare, Retail), By Insurance type(Standalone and Tailored), By Component(Solution, Services), By Coverage type(First-party and Liability Coverage), By Enterprise size(SMEs and Large Enterprise) - Industry Forecast 2024-2031
Report ID:
SQMIG40O2003 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
140 |
Figures:
78
Global Cyber Insurance Market Insights
Cyber Insurance Market size was valued at USD 10.33 billion in 2021 and is poised to grow from USD 12.83 billion in 2022 to USD 79.75 billion by 2030, growing at a CAGR of 25.7% in the forecast period (2023-2030).
Cyber insurance is becoming popular since they are the main source of safeguard insurance holders financially against cyber-attacks such as identity theft, phishing, email spoofing, IT theft loss, and others. It comes with many applications such as coverage for data breaches, reimbursement for business laws, defense against cyber extortion, forensic investigative support ETC. All the organizations across the globe are adding cyber insurance coverage to mitigate their security risks as a part of a comprehensive cyber security posture. This risk can be the result of data breaches, which can cause financial loss and legal penalties for business. Adding over, it can harm the reputation of the business and company in the market.
In recent years, cyber-attacks have grown drastically, in fact. Threat is now seen as the top risk to the business in 7 out of 8 countries which were surveyed ahead of pandemic economic downturn and skill shortage. There are many benefits which are covered under the Cyber security insurance which includes audits of the cyber security posture to ensure compliance with new standards, post breach notification requirements and other compliance cost, liability expense for non-compliance claims. On the other hand, due to the increase in cyber-attacks, the price of premiums are increased and more limitations are applied on coverage. Therefore, the insurers are reevaluating their own exposure to the losses. Along with rising cost and limitations on coverage, less standardization across the industry is causing the negative impact on the growth of cyber security insurance coverage industry.
US Cyber Insurance Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprise
Fastest Growth
Large Enterprise
Growth Rate
25.7% CAGR
Global Cyber Insurance Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Cyber Insurance Market Size By enterprise size 2022-2030 ($ Bn)
Global Cyber Insurance Market Size By enterprise size 2022-2030 (%)
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Global Cyber Insurance Market Segmental Analysis
Global cyber insurance market is segmented on the basis of component, insurance, type, coverage type, enterprise type, end user, and region. by component, the market is segmented into solution and services. by end user the market is segmented into healthcare, retail, BFSI, IT & telecom, manufacturing, and others. by insurance type, the market is segmented into standalone and tailored. by coverage type the market is segmented into first-party and liability coverage. by enterprise size the market is segmented into (SMEs and large enterprise). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Enterprise size
By Enterprise size, the global market is divided into many segments such as (SMEs and Large Enterprise). Large enterprise size segment held largest global Cyber Insurance market share due to the wide range of benefits provided by Cyber Insurance to the bigger organization. The bigger organization, supposedly with one more than 1000 employee, invest heavily in advanced technology for increasing productivity and efficiency of overall industry.
Intense and complex competitive environment to gain optimum security for the enterprise is difficult. Therefore, to achieve these optimum security, large enterprises are looking to invest in cyber security insurance solutions. The large number of software used by these enterprises which are heavily exposed to Security threats such as large cloud and Internet of Things best applications will compel them to opt for cyber security insurance.
Analysis by Component
By Component, the cyber insurance market is classified into solution and services. Among both, the solution segment holds the maximum market share and will continue to grow and establish its dominance. These insurance solutions have the higher capability to measure the size cyber risk or threat applied on the company. Increase in cyber-attacks, lack of privacy, side effects of golden pandemic led to the drastic increase in the data breaches. Therefore, to maintain the corporate cyber security measures Various institutions and companies opt for solutions.
GlobalCyber InsuranceMarket By enterprise size 2022 (%), 2023 (%)
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Global Cyber Insurance Market Regional Insights
Globally, North America is estimated to hold the highest global Cyber Insurance market share in 2022. Main factors during this growth period is mainly due to the presence of top market players such as AXA XL U.S, CNA Financial Corporation.
Among all the regions, Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is increasing Ransomware attacks and risks in the region. In the developing countries like India, the major digital transformation exposes all the organizations to cyber exploitation. Owing to this vulnerability of organization in Asia Pacific many companies are transforming to cyber insurance. acquisition of Cyber Insurance.
Global Cyber Insurance Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Cyber Insurance Market Dynamics
Drivers
Increasing Popularity of Blockchain to Bolster Market Growth
- The blockchain and crypto ownership are increasing across the globe day by day. Moving to this increasing number of users in individuals in this market, crypto threads and several security threats are accelerated on high level. The highly unstable cryptocurrency servers can lead to the investor losing millions and sector shedding billions. Countering to these threats, the company is in this sector are investing highly in cyber insurance.
Restraints
Premium Cost to Hinder Market Growth
- Increasing demand of cyber insurance and Policies in various sectors for the protection against cyber-crimes and threats has led to the increase in high premium cost of insurance.
- These rising prices of premium is slowing down the cyber insurance market. Along with the New York customers, the renewal and continuation of the policy is has also decreased due to the rise in price.
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Global Cyber Insurance Market Competitive Landscape
Competition in the global Cyber Insurance market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of solutions compatible with Cyber Insurance will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
Top Player’s Company Profiles
- American International Group, Inc.
- Chubb Limited
- Zurich Insurance Group AG
- AXA SA
- Allianz SE
- Berkshire Hathaway Inc.
- Munich Re Group
- Travelers Companies, Inc.
- Liberty Mutual Group Inc.
- Beazley Plc
- CNA Financial Corporation
- Hiscox Ltd.
- Sompo Japan Nipponkoa Insurance Inc.
- XL Group Ltd.
- Aon Plc
- Marsh & McLennan Companies, Inc.
- Willis Towers Watson Public Limited Company
- Lockton Companies
- Arthur J. Gallagher & Co.
- Brown & Brown Inc.
Recent Developments
-
In October 2022, in light of the Optus cyberattacks and the upcoming October Cyber Security Awareness Month, Upcover has provided cyber security insurance for small businesses. With its most recent offering of Cyber and Privacy Liability Insurance, the company concentrates on providing services to Australian small and medium-sized businesses (SMEs). Grover announced the launch of Grover Connect, a mobile virtual network operator (MVNO) for users of tech rentals, in the US in December 2022 through a partnership with Gigs.
-
In August 2022, following regulatory approval, Coalition, the first Active Insurance company in the world created to mitigate digital risk before it materializes, finalized the purchase of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. All 50 states have granted property and casualty insurance licenses to Digital Affect Insurance Company.
Global Cyber Insurance Key Market Trends
- Growing Digital Landscape: With the emergence of metaverse and IoT, the digital landscape is expanding to a higher extent. Therefore, the market is expected to witness introduction of more devices with a 4D interface. These devices would need immunity from getting stolen, misplaced, or lost.
- Increase on Cyber Spending: With the rise in disposable income in the population, the market is also witnessing a rise in spending on digital devices to a larger extent.
Global Cyber Insurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global cyber Insurance market report analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it offers such as data safety, and high security. Cyber Insurances will enable solutions to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.33 billion |
| Market size value in 2031 | USD 79.75 billion |
| Growth Rate | 25.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cyber Insurance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cyber Insurance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Cyber Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cyber Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cyber Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cyber Insurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Cyber Insurance Market Report Snapshots
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