Global Cyber Insurance Market

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

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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).

Competition in the Cyber Insurance market is expected to increase during the forecast period because new players are expected to enter in the 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 market but these numbers will increase in the upcoming years. '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.'

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.

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.

Globally, North America is estimated to hold the highest 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.

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Global Cyber Insurance Market

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