Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global cyber insurance market size was valued at USD 13.33 billion in 2022 and is expected to reach USD 84.62 billion by 2030, exhibiting a CAGR of 26.1% over the forecast period. Fortune Business Insights™ provides this information in its latest research report, titled “Cyber Insurance Market Forecast, 2024-2030”.
The surge can be credited to an increase in the protection of businesses from the cost of internet-based attacks affecting IT infrastructure, information governance, and information policy. Standalone Segment to Emerge Prominent Owing to Advantage of Maximum Coverage.
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Key Industry Development:
April 2022 – Zurich Australian Insurance Ltd. introduced a new insurance solution for medium and small-sized enterprises in New Zealand. The move helped in tackling the high levels of underinsurance among SMEs.
September 2021 – Zurich Insurance Group collaborated with BOXX Insurance, a Toronto-based insur-tech firm. The company, through collaborating with BOXX, aims to strengthen its customer-focused solution of cyber protection for its customers and partners.
February 2021 – The Chubb Corporation launched insurance products for digital consumers under its BLINK suit. The BLINK products are personal cyber protection and are available in 25 States.
Key Takeaways
- Cyber insurance market size in North America was USD 4.89 billion in 2022.
- Industry Growth Boosted Due to Increase in Cyber Attacks
- Solution Segment to Gain Traction Due to Rise in the Number of Data Breaches
- First-Party Segment to Register Notable Expansion Due to Increasing Cases
- Industry Players Enter into Collaborative Agreements to Secure Competitive Edge
Discover the Leading Players Featured in the Report:
Companies leading the global Cyber Insurance Market are 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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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 26.1% |
| 2030 Value Projection | USD 84.62 Billion |
| Base Year | 2022 |
| Cyber Insurance Market Size in 2022 | USD 13.33 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments Covered | Insurance Type, Coverage Type, Enterprise Size, End-user and Geography |
Drivers and Restraints:
Market Value to Surge Owing to Rising Number of Data Breaches and Cyberattacks
One of the pivotal factors impelling cyber insurance market growth is the upsurge in data breaches and cyberattacks across the globe. Various industries such as healthcare, BFSI, and retail are being greatly directed by hackers on account of the huge amount of saved customer data. These attacks affect various industries including education, healthcare, BFSI, and retail. These industries are being affected by the risks of rising digitalization, online shopping, mobile banking, electronic medical records, and digital payment.
However, the industry expansion is likely to be hampered by the high cost of premium insurance policies. 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.
Segmentation
By Insurance Type
- Standalone
- Tailored
By Coverage Type
- First-party
- Liability Coverage
By Enterprise Size
- SMEs
- Large Enterprise
By End-user
- Healthcare
- Retail
- BFSI
- IT & Telecom
- Manufacturing
- Others (Government, Travel & Tourism)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Regional Insights:
North America Dominates Global Market Due to Rising Online Gaming Demand
North America holds the highest global cloud gaming market share during the forecast period due to increasing demand for online gaming solutions. Also, adequate availability of internet infrastructure is expected to bolster the regional market growth. North America market size stood at USD 4.89 billion in 2022. 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.
Europe is the second leading region for cloud gaming solutions. The regional growth is attributable to rising investment and collaborations among the leading market players.
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:
Leading Companies Ink Partnership Agreements to Expand Geographical Footprint
Major cyber insurance companies are centered on the adoption of a range of initiatives for the expansion of their geographical footprints. These initiatives include acquisitions, partnership agreements, mergers, and the rollout of new solutions. Other steps comprise an escalation in research activities. Additional steps include increasing participation in trade fairs and conferences.
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FAQ’s
How big is the Cyber Insurance Market?
Cyber Insurance Market size was USD 13.33 billion in 2022. It is expected to reach USD 84.62 billion by 2030.
How fast is the Cyber Insurance Market growing?
The Cyber Insurance Market will exhibit a CAGR of 26.1% during the forecast period, 2023-2030
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