Cyber Insurance Market Analysis by End- User (IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, and Others); by Coverage Type (First, and Third-Party Coverage); and by Organization Size (Small & Medium Organizations, and Large Organizations)-Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

  • Product Code:
    RP-ID-10352494
  • Published Date:
    7 Nov 2022
  • Region:
    Global
  • Category:
    Service Industry
  • Publisher:
    Pub-ID-54

Impact Analysis on the Growth of Market

Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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The Research Report is Updated with 2021 Base Year, 2022 Estimated year and Forecast till 2031 with Market Insights.


With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2021 as base year, 2022 as estimated year and forecast to 2031. This will have market drivers, recovery rate in the market, insights and competitive analysis.



Market Overview:

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Global Cyber Insurance Market Scope Report

 

 Base Year

2023

Forecast Year

2023-2035

CAGR

~26%

Base Year Market Size (2023)

 ~ USD 15.0 Billion

Forecast Year Market Size (2035)

~ USD 77.0 Billion

Global Cyber Insurance Market Highlights Over 2023 - 2035

The global cyber insurance market is estimated to garner a revenue of USD 77.0 Billion by the end of 2035 by growing at a CAGR of ~26% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 15.0 Billion in the year 2022. The growth of the market can be attributed to the surging need to reduce the risk of cyber threats in the form of cyberattacks and breaches, followed by people spending a large amount of time online. Moreover, the losses to them can be mitigated with the coverage options provided by their insurance policy to them.  For example, cyberattacks cost the global economy approximately one trillion dollars.

 

Global-Cyber-Insurance-Market-Overview

 

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In general, cyber insurance protects the company from liability in the event of a data breach involving sensitive customer information such as Social Security numbers, credit card numbers, account numbers, driver's licence numbers, and health records. Furthermore, the shift in work patterns from the traditional way to working remotely has raised several security issues. Hence, the growing work from home trend is projected to increase the growth of the global cyber insurance market. In the year 2021, more than 24 per cent of the employees in the United States worked from home.

Global Cyber Insurance Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Digital Economy– Digitalization has increased the online work of businesses and on the other hand raised the risk of data security. Therefore, it is expected to boost the growth of the global cyber insurance market. According to the World Bank, the global GDP consists of 15 per cent of the digital economy.

  • Increasing Crypto Attacks- There has been an increase in the crypto ownership across the globe that is leading to more crypto attacks and it is anticipated to surge the growth of the global cyber insurance market.  More than USD 3 Billion have been stolen by hackers in cryptocurrency till 2021

  • Growing Demand for Cyber Insurance Coverage– As per the U.S. Government Accountability Office, the insurance clients adopting for cyber insurance coverage has increased from 26 per cent in 2019 to 47 per cent in 2020.

  • Rising Storage of Data on Cloud- There has been a rising risk of data threats to the organizations leading to huge cost to them and it is anticipated to increase the growth of the global cyber insurance market. For instance, the total data of the global organization stored on cloud has increased to 60 per cent.

Challenges

  • High Cost of the Policies Provided by Insurance Companies

  • Scarcity of Cyber Security Workers

  • High Cost for the Training of Cyber Insurance Company Employees

The global cyber insurance market is segmented and analyzed for demand and supply by end- user into IT & telecom, BFSI, retail, healthcare, manufacturing, and others. Out of these, the healthcare segment is expected to hold the largest share over the forecast period owing to the rising patients records that are more susceptible to cyber threats in order to access PHI and other sensitive information. Moreover, there are so many important data of high monetary value that can lead to higher risk to patient privacy, and it is projected to boost the growth of the segment in the market. For instance, more than 5 breaches have happened in more than 50 per cent of the healthcare organizations in the United States.

Global Cyber Insurance Market Regional Synopsis

Regionally, the global cyber insurance market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2035 on the back of rising breach cases in countries such as the United States, Canada, and others. Furthermore, there is a presence of large multinational companies that are more prone to cyberattacks, accounting for high risk to sensitive data. In the year 2021, the data breach cost Americans accounted for USD 5.8 Billion as per the National Council on Identity Theft Protection.

Market Segmentation

Our in-depth analysis of the global cyber insurance market includes the following segments:

 

By End-User

  • BFSI

  • IT & Telecom

  • Retail

  • Healthcare

  • Manufacturing

  • Others

By Coverage Type

  • First-Party Coverage

  • Third-Party Coverage

By Organization Size

  • Small & Medium Organizations

  • Large Organizations

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Key Companies Dominating the Global Cyber Insurance Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global cyber insurance market that are included in our report are Americans International Group, Inc., Chubb Life Insurance Company Ltd, The Travelers Indemnity Company, AXA Group, Axis Capital Holdings Limited, BCS Financial Corporation, Zurich Corporation, Beazley Plc, The Hanover Insurance Group, Inc., At-Bay, Inc., and others.

Global Cyber Insurance Market: Latest Developments

  • May, 2022: Beazley Plc announced the launch a special feature of an online incident response platform for U.S cyber policyholders

  • September, 2022: AXA Group announced the expansion of group captive expertise with the appointments of two key persons in the Americas

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

  • The report includes detailed company profiles of the major players dominating the market.

  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 


Geography Analysis:


The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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  1. Americans International Group Inc. 
  2. Chubb Life Insurance Company Ltd 
  3. The Travelers Indemnity Company 
  4. AXA Group 
  5. Axis Capital Holdings Limited 
  6. BCS Financial Corporation 
  7. Zurich Corporation 
  8. Beazley Plc 
  9. The Hanover Insurance Group Inc.
  10.  At-Bay Inc.
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