New York, United States , June 20, 2024 (GLOBE NEWSWIRE) -- The Global Cyber Insurance Market Size is to Grow from USD 15.87 Billion in 2023 to USD 130.57 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.46% during the projected period.
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Cyber insurance is a precise insurance policy that protects against the financial threats of cybersecurity risks. Cyber insurance products protect in contradiction of several crimes, including ransom, data loss, hacking, theft, disturbance of service, and other online crimes. Managers are more liable to electronic warfare and data fissures as the number of electronic devices used to gather data rises. The market is experiencing dynamic growth, which can be attributed to the increasing number of cyber threats and regulatory pressures. The growing incidents of cybersecurity threats and data breaches symbolize one of the vital factors growing the demand for cyber insurance. Moreover, the opening of advanced technologies is reflected in the growing complexity of cyber threats as hackers are operating more erudite systems, making conventional security measures less effective. This is inspiring industries to pursue inclusive shields through cyber insurance. However, for insurers, the increase in cyber risk offerings is a distinct exertion. An individual cyber calamity might simultaneously affect numerous policyholders, making noteworthy risk magnification. A massive ransomware beating those intentions at an exact industry, for case, can affect a massive number of claims from affected policyholders. To stupor this exertion, insurers must vigilantly control their risk exposure and confirm they have the necessary insurance to shield against potentially catastrophic events. There is an absenteeism of consistency in cyber insurance policy forms, policies, and cost structures.
Browse key industry insights spread across 190 pages with 110 Market data tables and figures & charts from the report on the “Global Cyber Insurance Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution, and Services), By Insurance Type (Standalone, and Packaged), By End-user (Healthcare, Retail, BFSI, IT and Solution, Manufacturing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The solution segment is anticipated to hold the greatest share of the global cyber insurance market during the projected timeframe.
Based on the component, the global cyber insurance market is divided into solutions and services. Among these, the solution segment is anticipated to hold the greatest share of the global cyber insurance market during the projected timeframe. This is attributed to the solutions component encompasses insurance plans designed to contract with the financial consequence of cyber threats and crimes. These policies shield numerous circumstances, from first-party policies that cover policyholders from their direct losses to third-party policies that take care of compulsions ensuing from cyber-attacks and other existences of the loss of personal data. These insurance selections can better measure the company's cyber risk or threat scope.
The standalone segment is anticipated to hold the greatest share of the global cyber insurance market during the projected timeframe.
Based on the insurance type, the global cyber insurance market is divided into standalone, and packaged. Among these, the standalone segment is anticipated to hold the greatest share of the global cyber insurance market during the projected timeframe. This is attributed to the standalone insurance provisions for business enterprises to decrease the threat of silent exposures. As standalone policies lessen the threat of silent exposures and fortify the market, several cyber insurance companies are experiencing a modification in policy consumers from authorization to standalone insurance policies. These policies often offer liability coverage for losses resulting from data breaches.
The BFSI segment is predicted to hold the greatest share of the cyber insurance market during the estimated period.
Based on the end-user, the global cyber insurance market is divided into healthcare, retail, BFSI, IT and solution, manufacturing, and others. Among these, the BFSI segment is predicted to hold the greatest share of the cyber insurance market during the estimated period. This is attributed to the massive customer base that the sector helps and the delicate fiscal data at risk, the BFSI industry is one of the risky infrastructure categories that frequently exploit data breaches and cyber-attacks. Subsequently, the fiscal industry has a highly striking operative model with unpredicted risks and the plus of relatively low risk and detectability, cybercriminals are optimizing an extensive variety of criminal cyber-attacks to petrify it.
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North America is expected to hold the largest share of the global cyber insurance market over the forecast period.
North America is expected to hold the largest share of the global cyber insurance market over the forecast period. North America is reported for the largest market share as it is home to a noteworthy number of vast companies and technology companies, which are the main targets for cyber-attacks. Furthermore, obedience demands, such as those directed by the New York Department of Financial Services and the California Consumer Privacy Act, inspire industries to invest in cyber insurance as a part of their inclusive risk management strategy. Apart from this, the values of awareness and education around cybersecurity hazards in North America endorse understanding and acknowledgment of the necessity for protection.
Asia Pacific is predicted to grow at the fastest pace in the global cyber insurance market during the projected timeframe. This is attributed to increasing ransom attacks and risks in the region. Countries with an extreme rise in cyberattacks in the Asia Pacific are Japan, Singapore, Indonesia, and Malaysia. Furthermore, governments, encompasses Japan, India, South Korea, and China are evolving in insurance to decrease the effects of cybercrimes. Cyber insurance solutions are ahead grip in the Asia Pacific due to swiftly increasing connectivity.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cyber Insurance Market include Chubb, Travelers Indemnity Company, American International Group, Inc., AXA XL, Beazley Group, CNA Financial Corporation, AXIS Capital Holdings Limited, BCS Financial Corporation, Zurich Insurance, The Hanover Insurance, Inc., Arthur J. Gallagher & Co., Allianz SE, Berkshire Hathaway Inc., Munich Re Group, and others.
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Recent Developments
- In March 2023, Saiber Innovation Technologies arrived at a corporation with CYMAR Management Ltd., a cyber-insurance specialist, to satisfy the cyber insurance demands of the maritime & logistics sector in the U.A.E. and aid protect this sector from cyber-attacks.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Cyber Insurance Market based on the below-mentioned segments:
Global Cyber Insurance Market, By Component
- Solution
- Services
Global Cyber Insurance Market, By Insurance Type
- Standalone
- Packaged
Global Cyber Insurance Market, By End-user
- Healthcare
- Retail
- BFSI
- IT and Solution
- Manufacturing
- Others
Global Cyber Insurance Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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