Pune, India, May 02, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global cyber insurance market size was valued at USD 13.33 billion in 2022 and is projected to grow from USD 16.66 billion in 2023 to USD 84.62 billion in 2030, exhibiting a CAGR of 26.1% during the forecast period.
The surge can be credited to an increase in the protection of businesses from the cost of internet-based attacks affecting IT infrastructure, information governance, and information policy. Standalone Segment to Emerge Prominent Owing to Advantage of Maximum Coverage. Fortune Business Insights™ cites this information in its research report, titled “Cyber Insurance Market Forecast, 2023-2030”.
Key Industry Development:
April 2022 – Zurich Australian Insurance Ltd. introduced a new insurance solution for medium and small-sized enterprises in New Zealand. The move helped in tackling the high levels of underinsurance among SMEs.
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Key Takeaways
- The growing usage of cyber insurance solutions helps businesses to reduce the risk of cyber threats such as data breaches and cyberattacks.
- Market Expansion to be Impelled by Rising Adoption of Crypto Insurance Services
- By Insurance Type Analysis: Maximum Coverage through Standalone Insurance Type to Boost Market Growth
- Cyber Insurance Market Size in North America was USD 4.89 Billion in 2022
- Cyberattacks and data breaches are increasing worldwide among all sizes of enterprises.
Discover the Leading Players Featured in the Report:
Companies leading the global Cyber Insurance Market are Travelers Indemnity Company (U.S.), AXA XL (U.S.), Chubb (Switzerland), American International Group, Inc. (U.S.), Beazley Group (U.K.), AXIS Capital Holdings Limited (Bermuda), CNA Financial Corporation (U.S.), BCS Financial Corporation (U.S.), The Hanover Insurance, Inc. (U.S.), Zurich Insurance (Switzerland).
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 26.1% |
| 2030 Value Projection | USD 84.62 Billion |
| Base Year | 2022 |
| Cyber Insurance Market Size in 2022 | USD 13.33 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Insurance Type, Coverage Type, Enterprise Size, End-user and Geography |
| Cyber Insurance Market Growth Drivers | Market Value to Surge Owing to Rising Number of Data Breaches and Cyberattacks |
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Drivers and Restraints:
Market Value to Surge Owing to Rising Number of Data Breaches and Cyberattacks
One of the pivotal factors impelling cyber insurance market growth is the upsurge in data breaches and cyberattacks across the globe. These attacks affect various industries including education, healthcare, BFSI, and retail. These industries are being affected by the risks of rising digitalization, online shopping, mobile banking, electronic medical records, and digital payment.
However, the high premium cost of these services is likely to affect industry expansion to a considerable extent.
Segments Overview:
By Insurance Type
- Coverage Type
- Enterprise Size
- End-user
- Geography
By Insurance Type
- Standalone
- Tailored
By Coverage Type
- First-party
- Liability Coverage
By Enterprise Size
- SMEs
- Large Enterprise
By End-user
- Healthcare
- Retail
- BFSI
- IT & Telecom
- Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
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Competitive Landscape:
Leading Companies Ink Partnership Agreements to Expand Geographical Footprint
Major cyber insurance companies are centered on the adoption of a range of initiatives for the expansion of their geographical footprints. These initiatives include acquisitions, partnership agreements, mergers, and the rollout of new solutions. Other steps comprise an escalation in research activities.
FAQ’s
How big is the Cyber Insurance Market?
Cyber Insurance Market size was USD 13.33 billion in 2022.
How fast is the Cyber Insurance Market growing?
The Cyber Insurance Market will exhibit a CAGR of 26.1% during the forecast period, 2023-2030
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