In 2018, the global Cyber Insurance market size was 2920 million US$ and it is expected to reach 29800 million US$ by the end of 2025, with a CAGR of 33.7% during 2019-2025.
Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products.
Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
With cyber-attacks becoming the norm these days, even threatening to expand into a global epidemic, cyber-risk insurers across the globe are seeing organizations and end users scramble for protection from possible data and information security disasters.
Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.
The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.
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This report focuses on the global Cyber Insurance status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Cyber Insurance development in United States, Europe and China.
The key players covered in this study
Munich Re Group
Market segment by Type, the product can be split into
Stand-alone Cyber Insurance
Packaged Cyber Insurance
Market segment by Application, split into
Retail and Wholesale
Market segment by Regions/Countries, this report covers
Central & South America
The study objectives of this report are:
To analyze global Cyber Insurance status, future forecast, growth opportunity, key market and key players.
To present the Cyber Insurance development in United States, Europe and China.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by product type, market and key regions.
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