Westford, USA, June 26, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research on Cyber Insurance Market, increasing demand for standalone cyber insurance policies, the rise of cyber risk assessment and underwriting tools, integration of cyber insurance with other risk management solutions, growth of industry-specific cyber insurance offerings, expansion of coverage for emerging cyber risks (e.g., ransomware), focus on proactive risk management and loss prevention services, development of innovative pricing models and coverage options, emphasis on employee training and cybersecurity awareness programs, integration of artificial intelligence (AI) and machine learning (ML) in underwriting and claims processes, are the trends that aid in the market's growth.
Browse in-depth TOC on the "Cyber Insurance Market"
- Pages - 242
- Tables - 140
- Figures – 78
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Cyber insurance is a type of insurance that covers businesses against the financial losses that can result from a cyber attack. These losses can include the cost of repairing or replacing hacked systems, the cost of notifying customers of a data breach, and the cost of defending against lawsuits. It is a rapidly growing market, as the number and sophistication of cyber attacks continue to increase.
Prominent Players in Cyber Insurance Market
- Chubb
- AXA XL
- American International Group (AIG)
- Beazley
- AXIS Capital
- CNA Financial
- Lockton
- Munich Re
- Zurich Insurance
- Travelers
- Allianz
- Lloyd's of London
- Hiscox
- Liberty Mutual
- Esurance
- NFP
- Hartford
- Willis Towers Watson
- Aon
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Standalone Cyber Insurance Policy Demand to Grow Substantially in the Forecast Period
Standalone Cyber Insurance Policy dominated the global market due to its comprehensive coverage. The cyber threat landscape is constantly evolving, with new attack vectors and techniques emerging regularly. Standalone cyber insurance policies allow insurers to stay agile and adapt their coverage to address these evolving threats more effectively. This flexibility enables policyholders to mitigate risks associated with emerging cyber threats.
Healthcare and Pharmaceutical are the Leading Application Segment
In terms of application, healthcare and pharmaceuticals are the leading segment due to the increasing cybersecurity risk. In addition, the segment industries are subject to stringent regulations and compliance requirements, such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States. These regulations mandate the protection and privacy of patient information, imposing significant financial and reputational risks for non-compliance. Cyber insurance provides financial protection and assistance in meeting regulatory obligations, making it an attractive option for organizations in the healthcare sector.
North America is the leading Market Due to the High Cybersecurity Awareness
Region-wise, North America is one of the largest growing markets with a huge emphasis on cybersecurity awareness. The region has robust data protection regulations, such as the California Consumer Privacy Act (CCPA) and the Health Insurance Portability and Accountability Act (HIPAA), which require organizations to safeguard personal and healthcare data. Compliance with these regulations often necessitates adopting cyber insurance coverage to mitigate potential financial risks associated with data breaches.
A recent report thoroughly analyses the major players operating within the Cyber Insurance market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Cyber Insurance.
Key Developments in Cyber Insurance Market
- In January 2023, Chubb announced a partnership with Google Cloud to provide cyber risk management solutions to businesses.
- In February 2023, AXA XL partnered with Mimecast to help businesses protect themselves from email-based cyber attacks.
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Key Questions Answered in Cyber Insurance Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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