NEW YORK, June 25, 2020 (GLOBE NEWSWIRE) -- With the growing awareness on insurance, surging number of cyber-attacks, and increasing government regulations, the profile of cyber risk management firms is becoming better. This factor is set to prove instrumental in driving the cyber insurance market at a 26.3% CAGR between 2020 and 2030, thereby leading to an increase in the industry size from $5,573.2 million in 2019 to $70,671.9 million by 2030.
Additionally, due to the implementation of cyber-risk regulations, companies are adopting mitigation solutions, which are rapidly being provided by insurance firms, to deal with such risks. Insurance firms provide cyber-attack-related financial loss prevention, risk mitigation, and loss compensation services. These companies create valuable data sets from information related to cyber-attacks and their financial impact on an entity and successful strategies to mitigate the risk, to model cyber risks and rate future customers.
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The COVID-19 crisis is having a positive effect on the demand for cyber insurance, as the pandemic has shifted countries’ focus to healthcare and economic stability, thus opening the doors for cyber-criminals to hack servers and steal vital information. Malware spams, phishing attacks, and ransomware attacks have increased since the outbreak, many of which have targeted the World Health Organization (WHO). Therefore, in order to protect themselves against intellectual property and financial damage by such attacks, companies of all sizes are opting for cyber insurance.
Cyber Insurance Market Segmentation Analysis
The data breach category, on the basis of policy, would witness the fastest industry growth in the coming years, on account of the increasing instances of such issues, with the rising focus of companies on digital data, cloud computing, and workforce mobility. Local computer systems, enterprise databases, and cloud servers, where the sensitive information of organizations is generally stored, are all susceptible to breaches. During the first half of 2019, 4.1 billion digital records were exposed around the globe, in 3,800 individual data breach cases. This is why companies are rapidly adopting data-breach-centric cyber insurance to mitigate third- and first-party financial losses.
In 2019, standalone insurance, based on product type, was more popular, as this product allows companies to instantly compensate themselves as well as their customers for any financial loss arising out of a cyber-attack. Standalone cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach. Moreover, such policies also offer cover for the direct losses due to phishing, social engineering frauds, cyber frauds, spoofing, and phreaking, as well as companies’ legal liabilities to third parties.
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The claims division, under segmentation by service, would grow at the highest CAGR, of 30.5%, in the cyber insurance market during 2020–2030. This would be a result of the rising risk of business failure and threat to digital capital, in the event of a cyber-attack.
Large enterprises are the more-significant users of cyber insurance compared to small- and medium-sized enterprises (SMEs), as such companies are rapidly deploying the cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations. This is leading to the creation of huge volumes of data, which includes sensitive information, including customers’ personal details. This is why such companies are regularly targeted by cyber-criminals, with the intention of getting access to a vast amount of data at once. Owing to the high risk of cyber-attacks and their high spending power, large enterprises are quickly adopting cyber insurance.
In the near future, the healthcare industry is set to grow the fastest in the market, when segmented by end user. With the digitization of health records and increasing penetration of the internet, critical medical information has become vulnerable to hacking and breaches, which is why healthcare organizations are purchasing cyber insurance.
Owing to the existence of several major cyber insurance companies, including Chubb Group Holdings Inc., American International Group Inc., and Lockton Incorporated, North America is currently the largest contributor to the market. Further, governments in the region are making the implementation of cybersecurity and insurance measures mandatory for companies of all sizes, thus driving the regional market. Between 2020 and 2030, the adoption of cyber insurance is predicted to surge the most rapidly in Asia-Pacific (APAC). Companies in the region are concerned about the security of cloud databases and blockchain systems, and the government in several places is stepping up efforts to raise the awareness about cybersecurity and cyber insurance.
Insurance Providers Engaging in Partnerships to Enhance their Offerings and Widen their Reach
In recent years, a number of partnerships have been seen in the market, as cyber insurance companies are looking at such measures to:
- Use each other’s customer base to sell their insurance policies
- Work together to equip their commercial insurance analytics capabilities with AI
- Educate and consult cybersecurity startups on the challenges and opportunities in the cyber insurance niche
- Integrate each other’s expertise to come up with better policies
The most prominent players in the global cyber insurance market include Chubb Limited, American International Group Inc. (AIG), Berkshire Hathaway Inc., Zurich Insurance Group AG, Lockton Companies Inc., Munich Re Group, Allianz Group, Aon Plc, Arthur J. Gallagher & Co., AXA XL, Beazley Plc, The Travelers Companies Inc., Axis Capital Holdings Limited, Fairfax Financial Holdings Limited, and Liberty Mutual Holding Inc.
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