Cyber Insurance Market Analysis by Product (Standalone, Tailored), By Coverage (First Party, Liability Coverage), By Enterprise (SME, Large Enterprise), and by End User (IT & Telecom, Manufacturing, BFSI, Healthcare, Retail, Others)-Trends and Forecast 2022-2031 2024-2035
- PUBLISHED ON
- 10/11/2022
- NO OF PAGES
- 204
- CATEGORY
- Information Technology
Market Scenario
Cyber risk is an ever-growing concern for business community, that has led to huge economic loss of over USD 1 trillion (Source: World Economic Forum). Uncertainty resulting from everchanging risk environment is a major factor which is increasing the frequency of cyber incidents. For instance, in 2017, major data loss cases were due to unauthorised cloud service provider, while some of the cases were reported in the manufacturing and transportation sector. Thus, risk of cyber breaches lies in most of the commercial sector, which is fuelling the need for cyber insurance to mitigate the economic loss. Below figures gives an overview of economic loss occurred through cyberattacks in the U.S. in 2017, by state.
Source:IC3
Global cyber insurance was valued at a worth of USD 11.06 billion in 2021 and is estimated to grow at a CAGR of 22% during the forecast period 2022–2031.
Market Dynamics
Rapid adoption of digital technologies in all commercial sectors such as banking and finance, transportation, healthcare and others has enabled hackers to focus on various strategies to conduct data breach attacks. Major cases of data leaks through biometrics has already reported in the Middle East and Africa region (Source: Kaspersky Lab). As more biometric systems are being adopted for user identification and authentication in Middle East, Turkey and Africa regions, the risk of data breach through these technologies remains a major concern, which is fuelling the market growth.
Mandatory government regulations to impart effective cyber-security measures, thereby reducing economic loss has also propelled the market. For instance, adoption of Global Data Protection and Regulation (GDPR), that primarily deals with controlling personal data with the help of effective appropriate technical and organisational measure. Companies violating this regulations will be penalized fine upto appropriate technical and organisational measures.
Intended Audience
• Insurance Companies
• Government and Research Agencies
• Information Security Organizations
• Technology End-Users
Segmental Insights
Global cyber insurance market is segmented by product, enterprise and applications.
Based on product, the market is segmented into standalone cyber insurance and packaged cyber insurance. Standalone cyber insurance plays a significant role in facilitating comprehensive and innovative solutions to address buyers changing needs and risks. Increasing concern among the customers regarding the systemic cyber events, where one cyber event triggers multiple claims under national and global levels is also favoring the growth of standalone cyber insurance market.
Based on enterprise, the market is segmented into small and medium enterprise and large enterprise. Lack of adoption of effective measures in terms of effective technology deployment and adequate insurance policies is one of the major factors that is mainly fueling the market growth. World Economic Forum’s global risk report also states that cybercrime has become a part of interconnected global risk with attacks being targeted on all business.
Additionally, cybersecurity report from Keeper Security also states that, hackers have breached over 14 Million out of 28 Million SME’s in 2016. Furthermore, 60 percent and 70 percent of SMEs are unable to survive a breach and are out of business owing to no supplemental support mechanism in place to help them rebuild the company and reinstate their operations.
Based on applications, the market is segmented into financial institutions, retail & wholesale, healthcare, business services, manufacturing, technology and others. Healthcare segment holds a significant share in the global cyber insurance market, owing to increased data breach occurrence in the healthcare sector. In 2017, about 477 data breach issues were reported to U.S. Department of Health and Human Services (HHS). The data breaches affected a total of 5.579 Million patient health records (Source: Protenus).Other key trend is, increase in hacking incidents including ransomware/malware seemingly doubled from 2016 to 2017. In 2016, there were 120 hacking incidents, which accounted for 87 percent of all affected records (23.7 million patient records).
Regional Insights
Global cyber insurance market is mainly studied across North America, Europe, Asia Pacific and LAMEA.
North America is estimated to hold major share in the global cyber insurance market, owing to increase in the number of cyber attacks and breaches coupled with the rise in economic losses. For instance, in 2014, about 783 data breaches were reported with 85.6 million record exposed, while in the first half of 2015, about 400 data breach event were reported. According to McAfee, annual cost of global economy from cybercrime is about USD 445 billion within a year. This increase in the number of cyber attacks leads to huge economic loss, thereby raising the demand for cyber insurance.
In European region, the most coverage offered are business interruption and data restoration. Cyber extortion coverage, and legal support coverage are also available but in lower extent. Emergence of EU’s General Data Protection Regulation has also increased the awareness about cyber risk and its associated economic losses, which would further stimulate the market growth. Furthermore, in Europe standalone cyber insurance possess greater demand, owing to difficulty in quantifying cyber coverage, as information related to cyber incidents are not collected under Solvency II reporting requirements.
Rapid adoption of digital technologies in the countries such as China and India have led to the increased risk of cyber breaches, thereby resulting in considerable economic losses. For instance, following figure depicts total consumer loss through cybercrime worldwide in 2017.
Source: Symantec (Norton)
The above figure depicts the intensive need for cyber insurance in the Asia Pacific region, as the trend of technology adoption is on the increasing path in the developing countries. For instance, after demonetization in India digital payment technologies has increased in a significant manner. Thus, adopting cyber insurance policies would help in reducing the impact of economic loss, thereby propelling the market growth.
Strict government regulations enacted by government to ensure data security and compliance are some of the major trends that is fuelling the market in Latin American countries. For instance, in December 2018, Brazil published its new General Law on the Protection of Private Data, which will become effective at the beginning of 2020. This law primarily aims to increase privacy protection of personal data obtained by companies in the course of their business. In case of any occurrence of data privacy breach, fines upto 2% of the company’s turnover would be levied by a new public agency.
Growing cyberthreats specifically targeting the oil and gas companies in the Middle East resulting in heavy losses has led the companies to insure their assets, which in turn would fuel the market during the forecast period 2019–2026. According to Siemens report in 2018, Cyber security breaches in the Middle East are widespread and frequently undetected, with 30 percent of the region’s attacks targeting operational technology (OT).
Key Players
Some of the major companies operating within the global cyber insurance market are Chubb INA Group, Fairfax Financial group, XL Reinsurance America Group, Tokio Marine US PC Group, American International Group, Travellers Group, Beazley USA Insurance Group, CAN Insurance Companies, Arch Insurance Group, Zurich Insurance U.S PC Group, Liberty Mutual Insurance Companies and others.
Below figure depicts the market share breakdown of top players operating within the U.S. Cyber insurance market in 2021:
Source: A.M. Best Company, Inc.
Segments
By Product
• Standalone
• Tailored
By Coverage Type
• First Party
• Liability Coverage
By Enterprise Size
• SME
• Large Enterprise
By End-User
• Healthcare
• Retail
• BFSI
• IT and Telecom
• Manufacturing
• Others
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
Historic Year: 2016-2022
Forecast: 2024-2035
1 Cyber Insurance Introduction and Market Overview
1.1 Objectives of the Study
1.2 Overview of Cyber Insurance
1.3 Cyber Insurance Market Scope and Market Size Estimation
1.3.1 Market Concentration Ratio and Market Maturity Analysis
1.3.2 Global Cyber Insurance Revenue and Growth Rate from 2016-2030
1.4 Market Segmentation
1.4.1 Types of Cyber Insurance
1.4.2 Applications of Cyber Insurance
1.4.3 Research Regions
1.5 Market Dynamics
1.5.1 Cyber Insurance Industry Trends
1.5.2 Cyber Insurance Drivers
1.5.3 Cyber Insurance Market Challenges
1.5.4 Cyber Insurance Market Restraints
1.6 Industry News and Policies by Regions
1.6.1 Industry News
1.6.2 Industry Policies
1.7 Mergers & Acquisitions, Expansion Plans
1.8 Cyber Insurance Industry Development Trends under COVID-19 Outbreak
1.8.1 Global COVID-19 Status Overview
1.8.2 Influence of COVID-19 Outbreak on Cyber Insurance Industry Development
2 Industry Chain Analysis
2.1 Upstream Raw Material Supply and Demand Analysis
2.1.1 Global Cyber Insurance Major Upstream Raw Material and Suppliers
2.1.2 Raw Material Source Analysis
2.2 Major Players of Cyber Insurance
2.2.1 Major Players Manufacturing Base of Cyber Insurance in 2020
2.2.2 Major Players Market Distribution in 2020
2.3 Cyber Insurance Manufacturing Cost Structure Analysis
2.3.1 Production Process Analysis
2.3.2 Manufacturing Cost Structure of Cyber Insurance
2.3.3 Labor Cost of Cyber Insurance
2.4 Market Channel Analysis of Cyber Insurance
2.5 Major Down Stream Customers by Application
3 Global Cyber Insurance Market, by Type
3.1 Global Cyber Insurance Revenue and Market Share by Type (2016-2021)
3.2 Global Cyber Insurance Production and Market Share by Type (2016-2021)
3.3 Global Cyber Insurance Revenue and Growth Rate by Type (2016-2021)
3.3.1 Global Cyber Insurance Revenue and Growth Rate of Cyber Security Insurance
3.3.2 Global Cyber Insurance Revenue and Growth Rate of Cyber Liability Insurance
3.3.3 Global Cyber Insurance Revenue and Growth Rate of Technology Errors and Omissions Insurance
3.3.4 Global Cyber Insurance Revenue and Growth Rate of Others
3.4 Global Cyber Insurance Price Analysis by Type (2016-2021)
3.4.1 Explanation of Different Type Product Price Trends
4 Cyber Insurance Market, by Application
4.1 Downstream Market Overview
4.2 Global Cyber Insurance Consumption and Market Share by Application (2016-2021)
4.3 Global Cyber Insurance Consumption and Growth Rate by Application (2016-2021)
4.3.1 Global Cyber Insurance Consumption and Growth Rate of Financial Institutions (2016-2021)
4.3.2 Global Cyber Insurance Consumption and Growth Rate of Retail and Wholesale (2016-2021)
4.3.3 Global Cyber Insurance Consumption and Growth Rate of Healthcare (2016-2021)
4.3.4 Global Cyber Insurance Consumption and Growth Rate of IT and Tech Services (2016-2021)
4.3.5 Global Cyber Insurance Consumption and Growth Rate of Manufacturing (2016-2021)
5 Global Cyber Insurance Consumption, Revenue ($) by Region (2016-2021)
5.1 Global Cyber Insurance Revenue and Market Share by Region (2016-2021)
5.2 Global Cyber Insurance Consumption and Market Share by Region (2016-2021)
5.3 Global Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.4 North America Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.4.1 North America Cyber Insurance Market Under COVID-19
5.4.2 North America Cyber Insurance SWOT Analysis
5.5 Europe Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.5.1 Europe Cyber Insurance Market Under COVID-19
5.5.2 Europe Cyber Insurance SWOT Analysis
5.6 China Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.6.1 China Cyber Insurance Market Under COVID-19
5.6.2 China Cyber Insurance SWOT Analysis
5.7 Japan Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.7.1 Japan Cyber Insurance Market Under COVID-19
5.7.2 Japan Cyber Insurance SWOT Analysis
5.8 Middle East and Africa Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.8.1 Middle East and Africa Cyber Insurance Market Under COVID-19
5.8.2 Middle East and Africa Cyber Insurance SWOT Analysis
5.9 India Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.9.1 India Cyber Insurance Market Under COVID-19
5.9.2 India Cyber Insurance SWOT Analysis
5.10 South America Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.10.1 South America Cyber Insurance Market Under COVID-19
5.10.2 South America Cyber Insurance SWOT Analysis
5.11 South Korea Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.11.1 South Korea Cyber Insurance Market Under COVID-19
5.11.2 South Korea Cyber Insurance SWOT Analysis
5.12 Southeast Asia Cyber Insurance Consumption, Revenue, Price and Gross Margin (2016-2021)
5.12.1 Southeast Asia Cyber Insurance Market Under COVID-19
5.12.2 Southeast Asia Cyber Insurance SWOT Analysis
6 Global Cyber Insurance Production by Top Regions (2016-2021)
6.1 Global Cyber Insurance Production by Top Regions (2016-2021)
6.2 North America Cyber Insurance Production and Growth Rate
6.3 Europe Cyber Insurance Production and Growth Rate
6.4 China Cyber Insurance Production and Growth Rate
6.5 Japan Cyber Insurance Production and Growth Rate
6.6 India Cyber Insurance Production and Growth Rate
7 Global Cyber Insurance Consumption by Regions (2016-2021)
7.1 Global Cyber Insurance Consumption by Regions (2016-2021)
7.2 North America Cyber Insurance Consumption and Growth Rate
7.3 Europe Cyber Insurance Consumption and Growth Rate
7.4 China Cyber Insurance Consumption and Growth Rate
7.5 Japan Cyber Insurance Consumption and Growth Rate
7.6 Middle East & Africa Cyber Insurance Consumption and Growth Rate
7.7 India Cyber Insurance Consumption and Growth Rate
7.8 South America Cyber Insurance Consumption and Growth Rate
7.9 South Korea Cyber Insurance Consumption and Growth Rate
7.10 Southeast Asia Cyber Insurance Consumption and Growth Rate
8 Competitive Landscape
8.1 Competitive Profile
8.2 XL Group Ltd Market Performance Analysis
8.2.1 Company Profiles
8.2.2 Cyber Insurance Product Profiles, Application and Specification
8.2.3 XL Group Ltd Sales, Revenue, Price, Gross Margin 2016-2021
8.2.4 Company Recent Development
8.2.5 Strategies for Company to Deal with the Impact of COVID-19
8.3 AXISÂ Market Performance Analysis
8.3.1 Company Profiles
8.3.2 Cyber Insurance Product Profiles, Application and Specification
8.3.3 AXISÂ Sales, Revenue, Price, Gross Margin 2016-2021
8.3.4 Company Recent Development
8.3.5 Strategies for Company to Deal with the Impact of COVID-19
8.4 CNA Financial Corp Market Performance Analysis
8.4.1 Company Profiles
8.4.2 Cyber Insurance Product Profiles, Application and Specification
8.4.3 CNA Financial Corp Sales, Revenue, Price, Gross Margin 2016-2021
8.4.4 Company Recent Development
8.4.5 Strategies for Company to Deal with the Impact of COVID-19
8.5 Travelers Companies Inc Market Performance Analysis
8.5.1 Company Profiles
8.5.2 Cyber Insurance Product Profiles, Application and Specification
8.5.3 Travelers Companies Inc Sales, Revenue, Price, Gross Margin 2016-2021
8.5.4 Company Recent Development
8.5.5 Strategies for Company to Deal with the Impact of COVID-19
8.6 BCS Financial Corp Market Performance Analysis
8.6.1 Company Profiles
8.6.2 Cyber Insurance Product Profiles, Application and Specification
8.6.3 BCS Financial Corp Sales, Revenue, Price, Gross Margin 2016-2021
8.6.4 Company Recent Development
8.6.5 Strategies for Company to Deal with the Impact of COVID-19
8.7 Chubb Ltd Market Performance Analysis
8.7.1 Company Profiles
8.7.2 Cyber Insurance Product Profiles, Application and Specification
8.7.3 Chubb Ltd Sales, Revenue, Price, Gross Margin 2016-2021
8.7.4 Company Recent Development
8.7.5 Strategies for Company to Deal with the Impact of COVID-19
8.8 American International Group Market Performance Analysis
8.8.1 Company Profiles
8.8.2 Cyber Insurance Product Profiles, Application and Specification
8.8.3 American International Group Sales, Revenue, Price, Gross Margin 2016-2021
8.8.4 Company Recent Development
8.8.5 Strategies for Company to Deal with the Impact of COVID-19
8.9 Liberty Mutual Market Performance Analysis
8.9.1 Company Profiles
8.9.2 Cyber Insurance Product Profiles, Application and Specification
8.9.3 Liberty Mutual Sales, Revenue, Price, Gross Margin 2016-2021
8.9.4 Company Recent Development
8.9.5 Strategies for Company to Deal with the Impact of COVID-19
8.10 Beazley Insurance Co Market Performance Analysis
8.10.1 Company Profiles
8.10.2 Cyber Insurance Product Profiles, Application and Specification
8.10.3 Beazley Insurance Co Sales, Revenue, Price, Gross Margin 2016-2021
8.10.4 Company Recent Development
8.10.5 Strategies for Company to Deal with the Impact of COVID-19
8.11 Zurich Insurance Group Market Performance Analysis
8.11.1 Company Profiles
8.11.2 Cyber Insurance Product Profiles, Application and Specification
8.11.3 Zurich Insurance Group Sales, Revenue, Price, Gross Margin 2016-2021
8.11.4 Company Recent Development
8.11.5 Strategies for Company to Deal with the Impact of COVID-19
9 Global Cyber Insurance Market Analysis and Forecast by Type and Application
9.1 Global Cyber Insurance Market Revenue & Volume Forecast, by Type (2021-2026)
9.1.1 Cyber Security Insurance Market Revenue and Volume Forecast (2021-2026)
9.1.2 Cyber Liability Insurance Market Revenue and Volume Forecast (2021-2026)
9.1.3 Technology Errors and Omissions Insurance Market Revenue and Volume Forecast (2021-2026)
9.1.4 Others Market Revenue and Volume Forecast (2021-2026)
9.2 Global Cyber Insurance Market Revenue & Volume Forecast, by Application (2021-2026)
9.2.1 Financial Institutions Market Revenue and Volume Forecast (2021-2026)
9.2.2 Retail and Wholesale Market Revenue and Volume Forecast (2021-2026)
9.2.3 Healthcare Market Revenue and Volume Forecast (2021-2026)
9.2.4 IT and Tech Services Market Revenue and Volume Forecast (2021-2026)
9.2.5 Manufacturing Market Revenue and Volume Forecast (2021-2026)
10 Cyber Insurance Market Supply and Demand Forecast by Region
10.1 North America Market Supply and Demand Forecast (2021-2026)
10.2 Europe Market Supply and Demand Forecast (2021-2026)
10.3 China Market Supply and Demand Forecast (2021-2026)
10.4 Japan Market Supply and Demand Forecast (2021-2026)
10.5 Middle East and Africa Market Supply and Demand Forecast (2021-2026)
10.6 India Market Supply and Demand Forecast (2021-2026)
10.7 South America Market Supply and Demand Forecast (2021-2026)
10.8 South Korea Market Supply and Demand Forecast (2021-2026)
10.9 Southeast Asia Market Supply and Demand Forecast (2021-2026)
10.10 Explanation of Market Size Trends by Region
10.11 Cyber Insurance Market Trends Analysis
11 New Project Feasibility Analysis
11.1 Industry Barriers and New Entrants SWOT Analysis
11.2 Analysis and Suggestions on New Project Investment
12 Expert Interview Record
13 Research Finding and Conclusion
14 Appendix
14.1 Methodology
14.2 Research Data Source
 
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