Global Cyber Insurance Market Report and Forecast 2024-2032

Global Cyber Insurance Market Outlook

The global cyber insurance market size attained a value of approximately USD 12.79 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 24.2%, reaching a value of around USD 89.96 billion by 2032.

An increase in mandatory cybersecurity regulations and laws regarding cybersecurity is driving the market growth for cyber insurance. In recent years, the market for cyber insurance has experienced tremendous growth as a result of increasing demand for cyber insurance products due to increasing risks of cyberattacks on public safety, economic prosperity, and government cyber security. Additional factors expanding the cyber insurance market share include rising awareness of business interruption (BI) cyber risks and an increase in the number of laws that are becoming obligatory for data protection in a variety of end-user industries, including banking, healthcare, and others. Organisations are more vulnerable to cyber-attacks and data breaches as more electronic devices are used to hold data. The necessity to recoup costs, resume core operations, and stabilise the company is a key factor positively affecting the market for cyber insurance.

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Global Cyber Insurance Market Overview

The market for cyber insurance is booming as demand for cyber insurance policies rises. The growth is ascribed to the increase in cyber-attacks such as the coordinated cyber-attack on the Ukrainian national energy distribution businesses, system infringement of health insurer Anthem Inc., infringement of the unclassified network of the White House, and client data breaches that LinkedIn and Twitter have faced. Such events have adverse effects on companies, and cause enormous losses for the organisations involved. As a result, there is rising awareness regarding cyber hazards, resulting in higher cyber liability insurance policies being adopted.

Properties and Applications

Cyber insurance is an insurance product used to safeguard companies and individual customers from internet-based hazards and risks associated with infrastructure and operations related to information technology. It offers coverages for both first-party claims and third-party claims, reducing risk exposure by compensating the costs associated with recovering from internet-based cyber damages.

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Based on company size, the market is bifurcated into:

• Small and Medium Enterprises 

• Large Enterprises

On the basis of application, the market is segmented into:

• BFSI

• Healthcare

• IT and Telecom

• Retail

• Others

The EMR report looks into the regional markets for cyber insurance like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

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Cyber Insurance Market Analysis

Increasing awareness of cyber danger and significant cyber-related losses among high-level managers are boosting the cyber insurance market growth. It is also likely that the adoption of data security laws in developing countries would stimulate the market for cyber insurance. However, difficulties in quantifying cyber risk and negligence of clients are constraints for this market that might hinder the market growth in the coming years. In developing economies, the market for cyber insurance has enormous potential as it is mostly untapped, thus aiding in expanding the size of cyber insurance market.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global cyber insurance market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• AON Plc

• American International Group, Inc.

• Allianz Global Corporate and Specialty SE

• Berkshire Hathaway Speciality Insurance Co. 

• Lockton Companies Inc.

• Chubb Group Holdings Inc.

• Munich Re 

• Xl Catlin Insurance Co. UK Ltd. 

• Zurich Insurance Co. Ltd.  

• The Hanover Insurance Group

• Others

The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Cyber Insurance Market Report Snapshots

Cyber Insurance Market Size

Cyber Insurance Market Analysis

Cyber Insurance Companies