Global Cyber Insurance Market Size, Share, Growth & Trends Analysis Report By Type (First-Party Coverage and Third-Party Coverage) By End User (Financial Institutes, Retail, Healthcare, Professional and Business Services, Manufacturing, Information Technology and Services and Others) And Regional Market Intelligence & Forecast, 2019-2025.
Date: Mar-2019 | Id: MACRC-0002 | Geographical Scope: Global | Publisher: MACRC
“Global Cyber Insurance Market was valued at USD 3.89 Billion in the year 2017 and is expected to reach approximately USD 23.07 Billion by 2025, at CAGR 29.18% from 2019 to 2025.”
Introduction
Cyber insurance is designed to protect against the potentially devastating effects of cybercrimes such as malware, distributed denial-of-service (DDoS) attacks, ransomware, or any other method used to protect a network and sensitive data. Cybersecurity insurance products are tailored to help a company mitigate specific risks. These expenses include data loss and restoration, legal fees, extortion, and regulatory fines. Sharing a vast amount of data due to the increasing popularity of digitalization is mainly responsible for cybercrime through a different form of attack. Emerging technologies banking, healthcare, retail, information technology, and automotive sectors is offering automation and ease of working.
However, these technologies are potent factors for the growing vulnerability of cyber exploitation. Rising usage of connected devices across the globe and the emergence of the Internet of Things (IoT) is mainly driving the growth of the cyber insurance market. The cyber insurance market is fragmented into types and end-users. On the basis of type, the market is divided into first-party coverage and third-party coverage. First-party coverage includes losses and damage to the business and third-party coverage is for losses clients incur in a cyber event. Furthermore, first-party coverage includes business interruption, computer fraud, property damage, and identity theft.
Third party coverage includes advertising & personal injury, the transmission of virus or malicious content, errors & omissions caused due to failure of network security. Application segmented is further divided into financial institutes, retail, healthcare, professional and business types, manufacturing, information technology, and types and others. With the continuously developing technology, techniques of cyber-attacks also evolved and several other industries such as manufacturing, construction, energy, education, and utilities which poised the demand of the cyber insurance market. Among these industries, the healthcare industry has the highest penetration of cyber liability insurance policies as huge third-party data available with them.
Other industries where a surge in demand is witnessed is information technology, and education, healthcare, retail. Companies are also increasingly crafting multipronged responses to cyber threats. Industries such as financial institutions and information technology were early adopters of the cyber insurance policies. Providers of the insurance have launched several products to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.
Market Dynamics
The increasing number of cyber-attacks and also mandatory legislation regarding cybersecurity are surging the cyber insurance market. Therefore, providers of insurance and reinsurance have gained the opportunity to secure sensitive data. The growth is attributable to the rising number of organizations opting for services mitigating the financial and reputational risks associated with data breaches. However, complex and changing nature of cyber risks, lack of historical data limits cyber insurance market growth. Nonetheless, due to the rise in usage of cloud computing technology and extensive use of mobile devices that have increased the need for data protection. In addition, increased focus on claims and risk management capabilities is expected to gain traction to the cyber insurance market.
Geographical Outlook
The global cyber insurance market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in the Asia Pacific are prone to cyber-attacks due to poor protection against cyber-attacks. In India, the demand for this market rose by more than 50% in 2017 as compared to that with 2016. The cyber insurance market in Singapore is expected to register the highest growth in the Asia-Pacific region.
Market Segmentation
On the Basis of Type
On the Basis of End User
Key Players
Some of the key players operating in the global Cyber Insurance market are XL Group Limited, Beazley PLC, American International Group, Inc., Munich Re Group, Chubb Limited, Zurich Insurance Group, Allianz Group, and others.
Key questions addressed by the report:
a) What are the global opportunities in the cyber insurance market?
b) Who are the major market players in the cyber insurance market?
c) How competitive is the market?
d) What are the emerging trends?
e) What are the growth trends and the largest revenue-generating region for cyber insurance?
f) Which geographical region is holding major potential for new entrants?
Introduction
Cyber insurance is designed to protect against the potentially devastating effects of cybercrimes such as malware, distributed denial-of-service (DDoS) attacks, ransomware, or any other method used to protect a network and sensitive data. Cybersecurity insurance products are tailored to help a company mitigate specific risks. These expenses include data loss and restoration, legal fees, extortion, and regulatory fines. Sharing a vast amount of data due to the increasing popularity of digitalization is mainly responsible for cybercrime through a different form of attack. Emerging technologies banking, healthcare, retail, information technology, and automotive sectors is offering automation and ease of working.
However, these technologies are potent factors for the growing vulnerability of cyber exploitation. Rising usage of connected devices across the globe and the emergence of the Internet of Things (IoT) is mainly driving the growth of the cyber insurance market. The cyber insurance market is fragmented into types and end-users. On the basis of type, the market is divided into first-party coverage and third-party coverage. First-party coverage includes losses and damage to the business and third-party coverage is for losses clients incur in a cyber event. Furthermore, first-party coverage includes business interruption, computer fraud, property damage, and identity theft.
Third party coverage includes advertising & personal injury, the transmission of virus or malicious content, errors & omissions caused due to failure of network security. Application segmented is further divided into financial institutes, retail, healthcare, professional and business types, manufacturing, information technology, and types and others. With the continuously developing technology, techniques of cyber-attacks also evolved and several other industries such as manufacturing, construction, energy, education, and utilities which poised the demand of the cyber insurance market. Among these industries, the healthcare industry has the highest penetration of cyber liability insurance policies as huge third-party data available with them.
Other industries where a surge in demand is witnessed is information technology, and education, healthcare, retail. Companies are also increasingly crafting multipronged responses to cyber threats. Industries such as financial institutions and information technology were early adopters of the cyber insurance policies. Providers of the insurance have launched several products to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.
Market Dynamics
The increasing number of cyber-attacks and also mandatory legislation regarding cybersecurity are surging the cyber insurance market. Therefore, providers of insurance and reinsurance have gained the opportunity to secure sensitive data. The growth is attributable to the rising number of organizations opting for services mitigating the financial and reputational risks associated with data breaches. However, complex and changing nature of cyber risks, lack of historical data limits cyber insurance market growth. Nonetheless, due to the rise in usage of cloud computing technology and extensive use of mobile devices that have increased the need for data protection. In addition, increased focus on claims and risk management capabilities is expected to gain traction to the cyber insurance market.
Geographical Outlook
The global cyber insurance market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in the Asia Pacific are prone to cyber-attacks due to poor protection against cyber-attacks. In India, the demand for this market rose by more than 50% in 2017 as compared to that with 2016. The cyber insurance market in Singapore is expected to register the highest growth in the Asia-Pacific region.
Market Segmentation
On the Basis of Type
- First-Party Coverage
- Third-Party Coverage
On the Basis of End User
- Financial Institutes
- Retail
- Healthcare
- Professional and Business Services
- Manufacturing
- Information Technology and Services
- Others
Key Players
Some of the key players operating in the global Cyber Insurance market are XL Group Limited, Beazley PLC, American International Group, Inc., Munich Re Group, Chubb Limited, Zurich Insurance Group, Allianz Group, and others.
Key questions addressed by the report:
a) What are the global opportunities in the cyber insurance market?
b) Who are the major market players in the cyber insurance market?
c) How competitive is the market?
d) What are the emerging trends?
e) What are the growth trends and the largest revenue-generating region for cyber insurance?
f) Which geographical region is holding major potential for new entrants?
Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumptions 1.3. List of Data Sources 1.4. List of Abbreviations Chapter 2. Executive Summary 2.1. Cyber Insurance Market - Industry Snapshot 2.2. Cyber Insurance Market Chapter 3. Customer Care BPO Industry Outlook 3.1. Market Segmentation 3.2. Value Chain Analysis 3.3. Market Dynamics 3.3.1. Market driver analysis 3.3.2. Market restraint analysis 3.3.3. Market opportunity analysis 3.4. Penetration & Growth Prospects Mapping 3.5. Industry Analysis - Porter’s Five Forces Analysis 3.6. PESTEL Analysis Chapter 4. Cyber Insurance Market: By Type (USD Billion) 4.1. First-Party Coverage 4.2. Third-Party Coverage Chapter 5. Cyber Insurance Market: End-User (USD Billion) 5.1 Financial Institutes 5.2 Retail 5.3 Healthcare 5.4 Professional and Business Services 5.5 Manufacturing 5.6 Information Technology and Services 5.7 Others Chapter 6. Cyber Insurance Market: Regional Outlook 6.1. Cyber Insurance Market Estimates & Forecasts 6.2. North America 6.2.1. Market estimates and forecasts 6.2.2. Market estimates and forecasts, By Type 6.2.3. Market estimates and forecasts, By End user 6.2.4. U.S. 6.2.4.1. Market estimates and forecasts 6.2.4.2. Market estimates and forecasts, By Type 6.2.4.3. Market estimates and forecasts, By End-user 6.2.5. Canada 6.2.5.1. Market estimates and forecasts 6.2.5.2. Market estimates and forecasts, By Type 6.2.5.3. Market estimates and forecasts, By End-user 6.3. Europe 6.3.1. Market estimates and forecasts 6.3.2. Market estimates and forecasts, By Type 6.3.3. Market estimates and forecasts, By End User 6.3.4. U.K. 6.3.4.1. Market estimates and forecasts 6.3.4.2. Market estimates and forecasts, By Type 6.3.4.3. Market estimates and forecasts, By End User 6.3.5. Germany 6.3.5.1. Market estimates and forecasts 6.3.5.2. Market estimates and forecasts, By Type 6.3.5.3. Market estimates and forecasts, By End User 6.3.6. France 6.3.6.1. Market estimates and forecasts 6.3.6.2. Market estimates and forecasts, By Type 6.3.6.3. Market estimates and forecasts, By End User 6.4. Asia Pacific 6.4.1. Market estimates and forecasts 6.4.2. Market estimates and forecasts, By Type 6.4.3. Market estimates and forecasts, By End User 6.4.4. China 6.4.4.1. Market estimates and forecasts 6.4.4.2. Market estimates and forecasts, By Type 6.4.4.3. Market estimates and forecasts, By End User 6.4.5. India 6.4.5.1. Market estimates and forecasts 6.4.5.2. Market estimates and forecasts, By Type 6.4.5.3. Market estimates and forecasts, By End User 6.4.6. Japan 6.4.6.1. Market estimates and forecasts 6.4.6.2. Market estimates and forecasts, By Type 6.4.6.3. Market estimates and forecasts, By End User 6.4.7. Singapore 6.4.7.1. Market estimates and forecasts 6.4.7.2. Market estimates and forecasts, By Type 6.4.7.3. Market estimates and forecasts, By End User 6.5. Latin America 6.5.1. Market estimates and forecasts 6.5.2. Market estimates and forecasts, By Type 6.5.3. Market estimates and forecasts, By End User 6.5.4. Brazil 6.5.4.1. Market estimates and forecasts 6.5.4.2. Market estimates and forecasts, By Type 6.5.4.3. Market estimates and forecasts, By End User 6.5.5. Mexico 6.5.5.1. Market estimates and forecasts 6.5.5.2. Market estimates and forecasts, By Type 6.5.5.3. Market estimates and forecasts, By End User 6.6. Middle East & Africa 6.6.1. Market estimates and forecasts 6.6.2. Market estimates and forecasts, By Type 6.6.3. Market estimates and forecasts, By End User Chapter 7. Competitive Landscape 7.1. XL Group Limited 7.1.1. Company overview 7.1.2. Financial performance 7.1.3. Product benchmarking 7.1.4. Recent developments 7.2. Tele American International Group, Inc. 7.2.1. Company overview 7.2.2. Financial performance 7.2.3. Product benchmarking 7.2.4. Recent developments 7.3. Chubb Limited 7.3.1. Company overview 7.3.2. Financial performance 7.3.3. Product benchmarking 7.3.4. Recent developments 7.4. Munich Re Group 7.4.1. Company overview 7.4.2. Financial performance 7.4.3. Product benchmarking 7.4.4. Recent developments 7.5. Allianz Group 7.5.1. Company overview 7.5.2. Financial performance 7.5.3. Product benchmarking 7.5.4. Recent developments 7.6. Zurich Insurance Group 7.6.1. Company overview 7.6.2. Financial performance 7.6.3. Product benchmarking 7.6.4. Recent developments 7.7. Beazley PLC 7.7.1. Company overview 7.7.2. Financial performance 7.7.3. Product benchmarking 7.7.4. Recent developments
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