Cyber Insurance Market Size Worth USD 36.85 Billion by 2028 | Forecast [2022-2028}

According to Fortune Business Insights, the global cyber insurance market size is projected to reach USD 36.85 billion in 2028, at a CAGR of 25.3% during the forecast period

Pune, India, July 06, 2022 (GLOBE NEWSWIRE) — The global cyber insurance market size is projected to grow from USD 7.60 billion in 2021 to USD 36.85 billion in 2028 at a CAGR of 25.3% in the 2021-2028 period. The global market size was USD 6.15 billion in 2020. This information is provided by Fortune Business Insights, in its report, titled, “Cyber Insurance Market, 2021-2028.”

Data breaches and cyber-attacks expose sensitive, confidential, or protected information to an unauthorized person. Anyone, from individuals to high-level enterprises and governments, can be at risk of a data breach. Hackers can easily get to the data through the text messages, internet, Bluetooth, or the online services that are been used daily whether you are offline or online.

According to our researchers, the surging cybersecurity threat and data breaches is steering businesses to deploy insurance policies. Similarly, several nations are inflicting penalties and supervisory guidelines on the company for any data breach.

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Industry Developments:

September 2021 – Zurich Insurance Group collaborated with BOXX Insurance, a Toronto-based insur-tech firm. The company, through collaborating with BOXX, aims to strengthen its customer-focused solution of cyber protection for its customers and partners.

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

Competitive Landscape:

The Competitive Scenario provides an outlook analysis of the various business growth strategies adopted by the vendors. The news covered in this section deliver valuable thoughts at the different stage while keeping up-to-date with the business and engage stakeholders in the economic debate. The competitive scenario represents press releases or news of the companies categorized into Merger & Acquisition, Agreement, Collaboration, & Partnership, New Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All the news collected help vendor to understand the gaps in the marketplace and competitor’s strength and weakness thereby, providing insights to enhance product and service.

Impact of COVID-19

The pandemic has adversely impacted businesses throughout the world. In order to sustain social distancing and to follow lockdown guidelines numerous businesses implemented work from home approach amid pandemic. Remote location augmented the threat of cyberattack as workers were associated through unprotected networks and additionally made use of private devices. This increased the cybercrime during the pandemic year.

The pandemic has adversely impacted businesses throughout the world. In order to sustain social distancing and to follow lockdown guidelines numerous businesses implemented work from home approach amid pandemic. Remote location augmented the threat of cyberattack as workers were associated through unprotected networks and additionally made use of private devices. This increased the cybercrime during the pandemic year.

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Report Scope & Segmentation

Drivers and Restraints:

Rising Cybercrimes and Data Breaches to Fuel Market Growth

Cyberattacks and data breaches are rising throughout the globe, thereby boosting cyber insurance adoption. According to the report published by Checkpoint, in the year 2020 93% surge in ransomware occurrences were registered, and around 6 out of 10 companies experienced the cybercrime. This substantial elevation in cyberattacks is projected to drive the cyber insurance market growth.

Various industries such as healthcare, BFSI, and retail are being greatly directed by the hackers on account of the huge amount of saved customer data. Correspondingly, the increasing digitalization, online shopping, mobile banking, and online payment, electronic medical documents are anticipated to spur the danger of data breaches in these industries.

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Segmentation:

On the basis of components, the market is divided into solutions and services.

Based on the insurance type, the market is segregated into standalone and tailored.

In terms of coverage type, the market is classified into first-party and liability coverage.

Based on enterprise size, the market is segmented into large enterprises and small and medium enterprises (SMEs).

By end user, the global market is branched into healthcare, retail, BFSI, IT & telecom, manufacturing and others. The BFSI sub-segment is set to gain maximum share during the forecast period.

Geographically, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Regional Insights:

Elevated Cyberattacks and Risk of Data Damage to Boost Industry Progress in North America

North America is expected to dominate the cyber insurance market share during the forecast period. The elevated cyberattacks and great risk of data damage is estimated to kindle the cybersecurity insurance demand in the region.

Asia Pacific is likely to perceive prompt growth during the forecast period owing to the rising cyber jeopardy in the region in comparison with North America and Europe.

Europe is probable to attain a substantial share of the market during the forecast period. The altering insurance supervisory guidelines such as deploying penalties on companies that suffered data breach and do not report it, are probable to drive cyber insurance bonuses.

Report Coverage:

The report brings a detailed study of the market segments and systematic breakdown of the market overview to our clienteles. A thoughtful estimation of the prevailing market trends as well as the forthcoming prospects is offered in the report. Moreover, it conveys a widespread examination of the regional insights and how they influence the market growth.

We have additionally involved the COVID-19 impacts in the report, in order to help shareholders and commercial business owners to understand the risks effortlessly. It also emphasizes on the important players and their primary strategies to remain in the prime spot.

List of Key Players Mentioned in the Cyber Insurance Market Report:

• American International Group Inc.​
• Munich Re Group
• Zurich Insurance Co. Ltd
• Berkshire Hathaway
• XL Group Ltd
• The Chubb Corporation​
• Aon Plc.
• Axis Capital
• Lockton Companies Inc.​
• Hiscox Inc.

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Major Table of Contents:

• Introduction

• Definition, By Segment
• Research Methodology/Approach
• Data Sources

• Key Takeaways
• Market Dynamics

• Macro and Micro Economic Indicators
• Drivers, Restraints, Opportunities and Trends
• Impact of COVID-19
  • Short-term Impact
  • Long-term Impact

• Competition Landscape

• Business Strategies Adopted by Key Players
• Consolidated SWOT Analysis of Key Players

• Global Cyber Insurance Key Players Market Share Insights and Analysis, 2020          
• Key Market Insights and Strategic Recommendations
• Companies Profiled

• Overview
  • Key Management
  • Headquarters etc.
• Offerings/Business Segments
• Key Details
  • Employee Size
  • Key Financials
    • Past and Current Revenue
    • Gross Margin
    • Geographical Share
    • Business Segment Share
• Recent Developments

• Annexure / Appendix

• Global Cyber Insurance Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
  • By Component (Value)
    • Solution
    • Services
  • By Insurance Type (Value)
    • Standalone
    • Tailored
  • By Enterprise Size (Value)
    • SMEs
    • Large Enterprise
  • By Coverage Type (Value)
    • First-Party
    • Liability Coverage
  • By End User (Value)
    • Healthcare
    • Retail
    • BFSI
    • IT & telecom
    • Manufacturing
    • Others (Government, Travel & Tourism etc.)
  • By Region (Value)
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
• North America Cyber Insurance Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
  • By Component (Value)
    • Solution
    • Services
  • By Insurance Type (Value)
    • Standalone
    • Tailored
  • By Enterprise Size (Value)
    • SMEs
    • Large Enterprise
  • By Coverage Type (Value)
    • First-Party
    • Liability Coverage
  • By End User (Value)
    • Healthcare
    • Retail
    • BFSI
    • IT & telecom
    • Manufacturing
    • Others (Government, Travel & Tourism etc.)

TOC Continued:

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