Cyber Insurance Market 2019 by Type, Share, Growth, Trends and Forecast To 2023

Market Highlights

In current times, the online generation of data is surging. The scope for data leakage is growing that is underpinning the need for insurance of cyber security. Thus, the cyber insurance market 2020 is expected to experience an expeditious growth. Global Cyber Insurance Market size was valued at USD 4.71 Billion in 2018 and is expected to register a CAGR of 22.6% during the forecast period. These solutions are dedicated to preserve integrity an organization’s assets that is noted to promote the expansion of the market. In addition, increase in the deployment of cloud solutions and technological advancements can also impel the global cyber insurance market growth.

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Segmentation:

According to Market Research Future, the Global Cyber Insurance Market has been Segmented Based on Component, Coverage Type, Organization Size, Vertical, and Region/Country.

By component, the Global Cyber Insurance Market has been divided into solution and services. The services segment is expected to have a higher market share during the forecast period, while the solutions segment is expected to have the fastest growth rate.

By coverage type, the global cyber insurance market has been divided into third-party coverage, first-party coverage, and others. The third-party coverage segment has been further classified as litigation, regulatory response, crisis management, credit monitoring, media, and communications liability, privacy and security liability, and network security liability. The regulatory response segment is expected to have the fastest growth during the forecast period due to the implementations of regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). The first party coverage segment has further been divided into theft and fraud, forensic investigation, business interruption, computer program, and electronic restoration and extortion. The forensic investigation segment is expected to have the fastest growth rate as it is the practice of collecting, analyzing, and reporting digital data in a way that is legally admissible.

Based on organization size, the global cyber insurance market has been divided into small- and medium-sized enterprise (SME) and large enterprise. The large enterprise segment held the largest market share during the forecast period. Previously, the SMEs segment had a low market share compared to large enterprises across a range of verticals earlier. The SMEs have now realized that the threat and potential financial consequences of an attack could lead to considerable losses.

On the basis of vertical, the global cyber insurance market has been divided into aerospace and defense, government, banking, financial services, and insurance, IT and telecom, healthcare, retail, automotive & transportation, manufacturing, energy and utilities, media and entertainment, education and others. The BFSI vertical is expected to adopt these services on a larger scale in the near future.

Regional Outlook

North America, led by the US, is expected to hold the largest market share of the global cyber insurance market. High rate of adoption of advanced technologies and rapid digital transformation that are taking place in North America are likely to be held responsible for the expansion of the global cyber insurance market. As the chances of cyber risks and vulnerabilities increase, the adoption of cyber insurance solutions across the region is increasing. As a result, the North America cyber insurance market can experience rapid expansion.

The increase in deployment of cloud-based services is expected to impel the Europe cyber insurance market. Other factor that is the existence of regulatory compliance laws in the region is expected to boost the market in the region. In Asia Pacific, the fast-paced growth of the cyber insurance market is due to the expansion of BFSI sector in the region.

Key Players

MRFR’s study of key players' impact on the global cyber insurance market is based on their country of origin, recent key developments, product diversification, and their presence across different regions, and industry expertise. The companies that are studied by MRFR are GUY CARPENTER & COMPANY, AXA XL (US), At-Bay, Inc. (US), LLC (US), Lloyds Bank PLC (UK), American International Group Inc. (US), The Chubb Corporation (US), Zurich Insurance Co. Ltd (Switzerland), Beazley Group (UK), AON PLC (UK), Security Scorecard (US), Lockton Companies Inc. (US), Munich Re Group (Germany), Allianz SE (Germany), Jardine Lloyd Thompson Group Ltd (UK), and HDFC ERGO General Insurance Company Limited (India).

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