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Cyber insurance market to grow in the coming years, new research explores factors responsible

IT Market Research

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 Make an Inquiry about this news 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.

Drivers:

            Number of cyber-attacks is surging

            Mandatory Legislation Regarding Cyber Security

Restraints:

            Lack of Historical Data

Opportunities:

            Increased focus on claims and risk management capabilities

Challenges:

            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 Type

First-Party Coverage

Third-Party Coverage

By End-User Industry

Financial Institutes

Retail

Healthcare      

Professional and Business services

Manufacturing

Information Technology and services

Others

By Region

North America

Europe

Asia-Pacific

RoW

Key Market Players

American International Group, Inc.

Chubb Limited

XL Group Limited

Beazley PLC

Allianz Group

Zurich Insurance Group

Munich Re Group

Detailed customization is also available for you. Further, if the report listed above does not meet with your key requirements.

Our customized research report will analytically cover the required market information you need which will help you to plan your business decisions.

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News From

Genesis Market InsightsGenesis Market Insights
Category: Market Research Publishers and RetailersCompany about: Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across the globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in-house data validation tools, ...
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