Cyber Insurance Market Worth USD 63.62 Billion by 2029 | Exhibiting a CAGR of 25.7% [2022-2029]

Monday, October 17, 2022 at 5:51am UTC

Pune, India, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The global cyber insurance market size was valued at USD 10.33 billion in 2021. The industry is projected to expand from USD 12.83 billion in 2022 to USD 63.62 billion by 2029, exhibiting a CAGR of 25.7% over the forecast period. The rise can be credited to growing product usage for protecting businesses from the cost of internet-based attacks. These attacks are related to IT infrastructure and information governance, which are usually not covered by commercial liability policies and traditional insurance products. This information is published by Fortune Business Insights™ in its research report, titled “Cyber Insurance Market Foprecast, 2022-2029”.

Key Industry Development:

April 2022 – Zurich Australian Insurance Ltd rolled out a new insurance solution for SMEs in New Zealand. The rollout strategically tackles the high underinsurance levels.

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Report Scope & Segmentation

Report CoverageDetails
Forecast Period2022 to 2029
Forecast Period 2022 to 2029 CAGR25.7%
2029 Value ProjectionUSD 63.62 Billion
Base Year2021
Cyber Insurance Market Size in 2021USD 10.33 Billion
Historical Data for2018 to 2020
No. of Pages150
Segments coveredComponent, Insurance Type, Coverage Type, Enterprise Size, Geography
Cyber Insurance Market Growth DriversEscalating Digitalization on Account of Soaring Number of Data Breaches

Industry Growth Boosted Due to Increase in Cyber Attacks

The coronavirus pandemic led to an increase in the adoption of remote working by businesses and individuals. VPN servers became necessary for organizations with an increase in the number of employees working from home. Considering this, cybercriminals across the globe recorded opportunities for capitalizing on the crisis. Further, the pandemic period registered an upsurge in phishing attacks, ransomware attacks, and mail spam, impelling industry expansion over the pandemic period. 

Drivers and Restraints:

Escalating Digitalization on Account of Soaring Number of Data Breaches

The cyber insurance market growth is being driven by the soaring number of data breaches and cyberattacks among all sizes of enterprises. Further, various industries are increasingly being targeted by threat actors and hackers considering the surging volume of stored customer data. Other factors impelling the market expansion comprise digital payment, soaring digitalization, online shopping, and escalating digitalization.

However, the industry expansion is likely to be hampered by the high cost of premium insurance policy. Cyber insurance is beneficial to several industries with protection against threats and cybercrimes. The price hike by several companies is hindering its renewal and continuation.

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Solution Segment to Gain Traction Due to Rise in the Number of Data Breaches

The solution segment is expected to record commendable expansion over the estimated period. The rise can be credited to the increasing number of data breaches on account of a range of factors such as sophistication of exploits, side effects of the pandemic, and lack of privacy.

Standalone Segment to Record Substantial Growth Owing to Coverage of Various Assets

On the basis of insurance type, the market is segmented into tailored and standalone. The standalone segment is anticipated to register lucrative growth over the study period. This is attributed to the policies that cover an extensive range of asset risks, including funds transfer loss, business interruption, and data loss/destruction. 

First-Party Segment to Register Notable Expansion Due to Increasing Cases

On the basis of coverage type, the market is segmented into liability coverage and first-party. Of these, the first-party segment is poised to register lucrative growth over the anticipated period. The rise can be attributed to the first-party cover cases with the direct involvement of victim cases in the incident.

Large Enterprise Segment to Record Considerable Surge Owing to Voluminous Data Generation

Based on enterprise size, the market is subdivided into large enterprise and SMEs. Of these, the large enterprise segment is estimated to record appreciable expansion over the analysis period. The surge can be credited to the escalating data breach incidents and cybercrimes.

BFSI Segment to Register Lucrative Growth Driven by Growing Consumer Inclination Toward Internet Banking

Based on end-user, the market is fragmented into manufacturing, healthcare, IT & telecom, BFSI, retail, and others. The BFSI segment is slated to register an appreciable share over the forecast period. This can be attributed to the growing consumer inclination toward digitalization, mobile applications, internet banking, and others. 

On the basis of region, the market is segmented into Latin America, the Middle East & Africa, North America, Europe, and Asia Pacific.

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Report Coverage:

The report provides a comprehensive coverage of the significant trends that are expected to impel the industry landscape across various regions. It further gives an account of the critical steps taken by major market participants for consolidating their market position. These insights have been furnished after extensive data collation from credible sources.

Regional Insights:

North America to Lead Driven by High Risk of Data Loss

The North America cyber insurance market share is anticipated to register appreciable growth over the estimated period. The upsurge is being driven by the growing risk of data loss and increasing cyberattacks. The industry growth is impelled by the enforcement of strict policy and the robust government regulations in the U.S. 

The Asia Pacific region is expected to record a considerable surge over the study period driven by the increasing risks and ransom attacks in the region. The regional growth is further impelled by the escalating government investments in a range of countries including China, South Korea, India, and Japan. 

Competitive Landscape:

Industry Players Enter into Collaborative Agreements to Secure Competitive Edge

Many cyber insurance companies are focusing on the adoption of a series of strategic initiatives comprising mergers, acquisitions, and the formation of alliances. Some of the additional steps include research activities for the development of various products. Additional steps include increasing participation in trade fairs and conferences.

List of Key Players Mentioned in the Report:

  • Travelers Indemnity Company (U.S.)
  • AXA XL (U.S.)
  • Chubb (Switzerland)
  • American International Group, Inc. (U.S.)
  • Beazley Group (U.K.)
  • AXIS Capital Holdings Limited (Bermuda)
  • CNA Financial Corporation (U.S.)
  • BCS Financial Corporation (U.S.)
  • The Hanover Insurance, Inc. (U.S.)
  • Zurich Insurance (Switzerland)

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Global Cyber Insurance Key Players Market Share Insights and Analysis, 2021               
  • Global Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Solution
      • Services
    • By Insurance Type (USD)
      • Standalone
      • Tailored
    • By Coverage Type
      • First-Party
      • Liability Coverage
    • By Enterprise Size (USD)
      • SMEs
      • Large Enterprises
    • By End User (USD)
      • Healthcare
      • Retail
      • BFSI
      • IT & Telecom
      • Manufacturing
      • Others
    • By Region (USD)
      • North America
      • South America
      • Europe
      • Middle East & Africa
      • Asia Pacific

TOC Continued…!

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