Cyber ​​Insurance Market Size, Share and Growth Analysis,

Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) — The global size of the cyber insurance market was valued at USD 13.33 billion in 2022 and is expected to reach USD 84.62 billion by 2030, exhibiting a CAGR of 26.1% during the forecast period. Fortune Business Insights™ provides this information in its latest research report titled “Cyber ​​Insurance Market Forecast, 2024-2030”.

The growth can be attributed to increasing business protection from the cost of Internet-based attacks affecting IT infrastructure, information management and information policy. The stand-alone segment will become famous due to the advantage of maximum coverage.

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Key industry developments:

April 2022 – Zurich Australian Insurance Ltd. introduced a new insurance solution for medium and small businesses in New Zealand. The move helped address high levels of underinsurance among SMEs.

September 2021 – Zurich Insurance Group has partnered with BOXX Insurance, a Toronto-based insurance technology firm. The company, by collaborating with BOXX, aims to strengthen its customer-centric cyber security solution for its customers and partners.

February 2021 – Chubb Corporation launched insurance products for digital consumers under its BLINK suit. BLINK products are personal cyber protection and are available in 25 countries.

Key findings

  • North America cyber insurance market size was 4.89 billion USD in 2022.
  • The growth of the industry is accelerating due to the increase in cyber attacks
  • The solutions segment will gain popularity due to the increase in the number of data breaches
  • First party segment to register significant expansion due to rising cases
  • Industry players enter into cooperative agreements to provide competitive advantage

Discover the leading players featured in the report:

The companies leading the global cyber insurance market are Travelers Indemnity Company (US), AXA XL (US), Chubb (Switzerland), American International Group, Inc. (USA), Beazley Group (UK), AXIS Capital Holdings Limited (Bermuda), CNA Financial Corporation (USA), BCS Financial Corporation (USA), The Hanover Insurance, Inc. (USA), Zurich Insurance (Switzerland).

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Report scope and segmentation

Report coverage Details
Forecast period 2023 to 2030
Forecast period 2023 to 2030 CAGR 26.1%
2030 Value Projection 84.62 billion US dollars
Base year 2022
Cyber ​​Insurance Market Size in 2022 $13.33 billion
Historical data for 2019 to 2021
Number of pages 150
Covered segments Type of insurance, type of coverage, size of enterprise, end user and geography

Guides and Limiters:

The market value will increase due to the increasing number of data breaches and cyber attacks

One of the major factors driving the growth of the cyber insurance market is the rise in data breaches and cyber attacks across the globe. Various industries like healthcare, BFSI and retail are heavily targeted by hackers due to the huge amount of customer data saved. These attacks affect various industries including education, healthcare, BFSI and retail. These industries are affected by the risks of increasing digitization, online shopping, mobile banking, electronic medical records and digital payments.

However, the growth of the industry is likely to be hampered by the high cost of premium insurance policies. Cyber ​​insurance benefits several industries with protection against cyber threats and crimes. The appreciation of several companies prevents its renewal and continuation.

Segmentation

By type of insurance

By type of coverage

  • First party
  • Liability coverage

By enterprise size

By end user

  • Healthcare
  • Retail
  • BFSI
  • IT and Telecommunications
  • production
  • Other (Government, Travel & Tourism)

By region

  • North America
  • Europe
  • Asia and the Pacific
  • Middle East and Africa
  • South America

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Regional Insights:

North America dominates the global market due to the growing demand for online games

North America holds the highest global cloud gaming market share during the forecast period owing to the growing demand for online gaming solutions. In addition, adequate availability of internet infrastructure is expected to support the growth of the regional market. The market size in North America will be USD 4.89 billion in 2022. The rise is due to the increasing risk of data loss and increasing cyber attacks. Industry growth is driven by strict policy enforcement and robust government regulations in the US

Europe is the second leading region for cloud gaming solutions. Regional growth is driven by increasing investment and collaboration between leading market players.

The Asia-Pacific region is expected to witness a significant surge during the study period, driven by rising risks and ransomware attacks in the region. Regional growth has been further boosted by escalating government investment in a number of countries, including China, South Korea, India and Japan.

The competitive environment:

Leading companies sign partnership agreements to expand geographic footprint

Major cyber insurers are focused on adopting a range of initiatives to expand their geographic footprint. These initiatives include acquisitions, partnership agreements, mergers and implementation of new solutions. Other steps include escalation of research activities. Additional steps include increasing participation in trade shows and conferences.

Quick Buy – Cyber ​​Insurance Market Research Report:

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FAQ

How big is the cyber insurance market?

The cyber insurance market size was USD 13.33 billion in 2022. It is expected to reach USD 84.62 billion by 2030.

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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