Cyber Insurance Market by Data Type (First-Party Coverage, Third-Party Coverage), By End-User (Financial Institutes Retail Healthcare Professional and Business services Manufacturing Information Technology and services Others) and By Company Size (Small-Medium Scale Enterprise ($2.5 Million to $1 Billion))
Global Cyber Insurance Market was valued at USD 5.06 Billion in the year 2017. Global Cyber Insurance market is further estimated to grow at a CAGR of 26.28% from 2018 to 2023 to reach USD 20.55 Billion. North America region holds the highest market share in 2016 with Asia Pacific region is considered as the fastest growing market in the forecasted period.
At a country level, U.S. is the biggest market in 2016 and it is projected to grow at a gradual pace in the coming years.
American International Group, Inc. (U.S.), The Chubb Corporation (U.S.), Zurich Insurance Co.
Ltd (Switzerland), are some of the key players in the Cyber Insurance market with American International Group, Inc. holding the substantial market share because of its better global presence both at production and at an operational level.
Rising research and development expenses to cater changing demand of end users, similarly growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 service providers in recent years.
Number of cyber-attacks is surging
Mandatory Legislation Regarding Cyber Security
Lack of Historical Data
Increased focus on claims and risk management capabilities
Lack of cyber-security incident data in support of risk assessment
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The Financial Institution segment is expected to hold the highest market share during the forecast period. Financial institute hold the largest share because it includes banking and investment companies who has high risk of cyber-attacks.
On the other hand, Large Scale Enterprises market for Cyber Insurance is expected to grow at the highest CAGR of XX.X during year 2017-2022. Large scale enterprises holds the largest market share because enterprise risk transfer is more as compared to small-medium enterprises.
Key Benefits for Stakeholders
Cyber Insurance Service providers
Research and Consulting organization
Technology Standards Organizations, Forums, Alliances and Associations
End use industries
Regulatory bodies, policy actors and consumers.
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By Company Size
Small-Medium Scale Enterprise ($2.5 Million to $1 Billion)
Large Scale Enterprise ($1.1 Billion and above)
By End-User Industry
Professional and Business services
Information Technology and services
Key Market Players
American International Group, Inc.
XL Group Limited
Zurich Insurance Group
Munich Re Group
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