NEW YORK, Nov. 5, 2023 /PRNewswire/ — The global cyber insurance market size is estimated to grow by USD 42.81 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 35.92% during the forecast period. The increased demand for cyber insurance is identified as the key trend in the market. The growing dependence on digital technologies and the internet has increased the incidence of cyber-attacks. Businesses and individuals are becoming more aware of the financial impact of cyber attacks. To protect themselves against financial losses that can result from cyber attacks, many businesses and individuals are purchasing cyber insurance policies. With the growing frequency and severity of cyber-attacks, the demand for cyber insurance policies will increase during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Major challenges hindering the market growth
The lack of standardization is identified as one of the major challenges affecting the growth of the market. Cyber insurance policy coverage can have certain exclusions and limitations that are not clearly stated. This creates gaps in insurance coverage, which makes end-users vulnerable to financial losses. Also, the lack of standardization makes it difficult for insurance companies to properly assess risks associated with certain policies and determine the appropriate coverage levels. These challenges reduce the growth potential of the market.
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Global Cyber Insurance Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (large enterprises and small and medium-sized enterprises), solution (standalone and packaged), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market growth in the large enterprises segment will be significant during the forecast period. Large enterprises are at higher risk of cyber attacks. Hence, they adopt cyber insurance to mitigate the financial impact of security breaches. The high demand from this segment has driven vendors to offer tailored packages to meet the needs of large enterprises, including high coverage limits, comprehensive coverage, specialized services, and global coverage. All these factors are supporting the growth of the segment.
Geography Overview
By geography, the global cyber insurance market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cyber insurance market.
- North America will account for 57% of the market growth during the forecast period. The increasing awareness of cyber insurance among individuals and businesses is driving the growth of the regional market. Also, factors such as the high adoption of technologies, the rise in online transactions, and the growth in the e-commerce industry are positively influencing the cyber insurance market in North America.
Insights on the market contribution of various segments including country and region wise, historic period (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report
Global Cyber Insurance Market – Vendor Analysis
The global cyber insurance market is fragmented. Key vendors in the market have a strong reputation and brand recognition and are well-established in the insurance industry. The competitive landscape is highly dynamic as vendors are actively seeking to differentiate themselves through the coverage offered, the level of customer service provided, and the pricing of their products. With new players entering the market and existing players expanding their offerings, the competition is expected to increase during the forecast period. Some of the key vendors covered in the report include:
- Aon plc – The company offers solutions for cyber insurance which allows organizations to analyze the relationship between risk, reward and the cost of mitigation and also prompt an evaluation of potential consequences by using statistical modeling to assess different damage scenarios.
- At Bay Inc. – The company offers solutions for cyber insurance to help by alleviating the immediate risk based on realistic insights from automated assessments.
- AXA Group – The company offers solutions for cyber insurance that help to prevent and protect insured entities from evolving cyber risks through technology-driven interventions.
- Beazley Plc – The company offers solutions for cyber insurance that helps in providing more than protection coverage and support response and recovery plans, according to the report Cyber Risk Management.
Global Cyber Insurance Market – Key Driver
- The growth of the market is driven by the widespread adoption of technology. The rapid adoption of technology has increased the dependence on the internet to conduct transactions, store and process data, and manage finances. It has also led to an increased number of connected devices, cloud-based services, and mobile applications. This has increased the frequency and severity of cyber-attacks worldwide. Cyber insurance provides cover for a range of events, such as data breaches, network interruption, and cyber extortion. Thus, with the growing number of cyber attacks, the demand for cyber insurance will increase during the forecast period.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!
What are the key data covered in this cyber insurance market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the cyber insurance market between 2023 and 2027
- Precise estimation of the size of the cyber insurance market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the cyber insurance market industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of cyber insurance market vendors
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
