Market Highlights
Digital security and privacy are two of the primary drivers of the organizations in today’s era. It has paved the way for the rising demand for cyber insurance services over the next few years. In the analysis offered by Market Research Future (MRFR), the global cyber insurance market is presumed to register 22.6% CAGR over the assessment period 2018 to 2025. The market is supposed to accrue decent revenue by 2025, increasing from USD 4.71 Bn in 2018.
Increasing digitization of organizational operations has led to a rise in concerns related to the safety and security of digital assets. This, in turn, is supposed to drive the growth of the cyber insurance market in the coming years. Enterprises store and process massive digital data on a day-to-day basis. The threat to these data securities can incur huge losses for the company. Thus, insurance services are available to protect the interest of the organizations. Rising awareness about the same is projected to boost growth of the cyber insurance market in the foreseeable future.
Rising investments in digital and social media marketing is another factor expected to increase investments in cyber insurance market. Furthermore, rising cases of cyberattacks have further helped the cyber insurance market to growth at a considerable pace. With the rising attacks, enterprises have catalyzed investments in the adoption of insurance services to keep away from drastic losses.
Segmentation:
On the basis of component, the cyber insurance market share has been segmented into solution and services.
Based on coverage type, the cyber insurance market has been segmented into first-party coverage, third-party coverage, and others. The third-party coverage segment is further sub-segmented into litigation, crisis management, regulatory response, credit monitoring, privacy and security liability, media and communications liability, and network security liability. The sub-segments of the first-party coverage segment are business interruption, forensic investigation, computer program, theft and fraud, and electronic restoration and extortion
On the basis of organization size, the cyber insurance market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
Based on vertical, the segments of the cyber insurance market are aerospace and defense, banking, financial services, and insurance, government, IT and telecom, healthcare, automotive & transportation, retail, manufacturing, energy and utilities, education, media and entertainment, and others.
Regional Analysis
The geographical assessment of the global cyber insurance market included in this report spans across five regions, which are North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. These regional segments are then analyzed and assessed on the basis of countries. North America is the leading region and is likely to earn high revenues in the upcoming years. It has been assessed that the rising adoption of digitization is presumed to drive the growth of the cyber insurance market in the region. Also, rising cyber security breaches is also driving the expansion of the market and are poised to continue doing so in the foreseeable future. Europe is prognosticated to capitalize on the rising implementation of cyber security laws. Asia Pacific is also likely to exhibit positive growth owing to increasing cyber threats and rising awareness about digital security.
Competitive Dashboard:
AXA XL (US), At-Bay, Inc. (US), GUY CARPENTER & COMPANY, LLC (US), American International Group Inc. (US), Zurich Insurance Co. Ltd (Switzerland), Lloyds Bank PLC (UK), The Chubb Corporation (US), Beazley Group (UK), AON PLC (UK), HDFC ERGO General Insurance Company Limited (India), Lockton Companies Inc. (US), Allianz SE (Germany), Security Scorecard (US), Munich Re Group (Germany), and Jardine Lloyd Thompson Group Ltd (UK) are few of the key cyber insurance market companies.
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