Cyber insurance market has emerged as data breaches are becoming way too common worldwide and the extent of damage that they cause to businesses. A data breach can damage companies’ reputation but also put its customers and/or employees at risk. Data breaches can have a huge influence on the company earnings. Hence cyber insurance can be a smart precaution for any size business. In 2023, more than 64% of global companies were insured against loss of income due to data breaches, while 35% of the companies without cyber liability insurance considered purchasing it.
The cyber insurance market is mainly driven by large enterprises as these enterprises have high purchasing power and the availability of sufficient funds for risk insurance. SME’s are not able to buy very high premiums for cyber insurance coverage due to their limited budget constraints over cyber risk management. Thus, the share of businesses with cyber insurance worldwide increased with company revenue. Only 4% of companies with revenues lower than USD 2.5 million owned cyber insurance while 26% of companies with revenues exceeding USD 5 billion owned cyber insurance.
In 2023 the United States is the largest cyber insurance market followed by Europe and Asia-Pacific. Cyber threats are increasing with growing digitization, interconnectivity, commercialization, and globalization. This has directly impacted the growth of the cyber insurance market.
Global Cyber Insurance Market : Product Types
Global Cyber Insurance Market : Applications
Global Cyber Insurance Market : Company Analysis
Global Cyber Insurance Market : Regional Analysis
Global Cyber Insurance Market Report delivers a comprehensive analysis of the following parameters:
Parameters | Details |
---|---|
Base Year |
2023 |
Historical Data |
2018-2023 |
Forecast Data |
2024-2030 |
Base Year Value (2023) |
USD 14450.53 million |
Forecast Value (2030) |
USD 49410.31 million |
CAGR (2022 to 2028) |
19.2 % |
Regional Scope |
North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW |
Cyber Insurance Market was valued at around USD 14450.53 million in 2023 & estimated to reach USD 49410.31 million by 2030.
Cyber Insurance Market is likely to grow at compounded annual growth rate (CAGR) of 19.2% between 2024 to 2030.
Cyber Insurance Market Report is dominated by the BFSI segment and the North America region holds the highest market share in 2023.
Some of the top key players in the Cyber Insurance Market Report are AIG, Chubb, XL Group, Beazley, Allianz, Zurich Insurance, Munich Re Group.
Primary driving factors for the growth of the Cyber Insurance Market Report include Growing cyberattacks along with high purchasing power of the large organizations.
Yes, the report includes COVID 19 impact on the market.
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