Global Cyber Insurance Market Size, Industry Status Growing with a CAGR of 33.7% during 2018-2025

Posted on 2018-10-09 by Mark Hub in Software // 0 Comments

Albany, US, 2018-Oct-09 — /EPR Network/ —Market Research Hub (MRH) has recently broadcasted a new study to its broad research portfolio, which is titled as “Global Cyber Insurance Market” Size, Status and Forecast 2018-2025 provides an in-depth analysis of the Cyber Insurance Market with the forecast of market size and growth. The analysis includes addressable market, market by volume, and market share by business type and by segment (external and in-house).The research study examines the Cyber Insurance Market on the basis of a number of criteria, such as the product type, application, and its geographical presence.

The whole supply chain of Cyber Insurance Market has been explained with statistical details with a special emphasis on various upstream and downstream components. The current trends pertaining to the demand, supply, and sales of Cyber Insurance Market, together with the recent developments have been given here to provide an exhaustive picture of this market.

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This report focuses on the global Cyber Insurance status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cyber Insurance development in United States, Europe and China.

Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
With cyber-attacks becoming the norm these days, even threatening to expand into a global epidemic, cyber-risk insurers across the globe are seeing organizations and end users scramble for protection from possible data and information security disasters.

North America dominates the cyber insurance market and accounts for around 89% of the overall cyber insurance market in 2016. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.

Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.

The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.

In 2017, the global Cyber Insurance market size was 2920 million US$ and it is expected to reach 29800 million US$ by the end of 2025, with a CAGR of 33.7% during 2018-2025.

The key players covered in this study
AIG
Chubb
XL Group
Beazley
Allianz
Zurich Insurance
Munich Re Group
Berkshire Hathaway
AON
AXIS Insurance
Lockton
CNA
Travelers
BCS Insurance
Liberty Mutual

Market segment by Type, the product can be split into
Stand-alone Cyber Insurance
Packaged Cyber Insurance

Market segment by Application, split into
Financial Institutions
Retail and Wholesale
Healthcare
Business Services
Manufacturing
Technology
Others

Market segment by Regions/Countries, this report covers
United States
Europe
China
Japan
Southeast Asia
India
Central & South America

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Table of Contents

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.4.1 Global Cyber Insurance Market Size Growth Rate by Type (2013-2025)
1.4.2 Stand-alone Cyber Insurance
1.4.3 Packaged Cyber Insurance
1.5 Market by Application
1.5.1 Global Cyber Insurance Market Share by Application (2013-2025)
1.5.2 Financial Institutions
1.5.3 Retail and Wholesale
1.5.4 Healthcare
1.5.5 Business Services
1.5.6 Manufacturing
1.5.7 Technology
1.5.8 Others
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Cyber Insurance Market Size
2.2 Cyber Insurance Growth Trends by Regions
2.2.1 Cyber Insurance Market Size by Regions (2013-2025)
2.2.2 Cyber Insurance Market Share by Regions (2013-2018)
2.3 Industry Trends
2.3.1 Market Top Trends
2.3.2 Market Drivers
2.3.3 Market Opportunities

3 Market Share by Key Players
3.1 Cyber Insurance Market Size by Manufacturers
3.1.1 Global Cyber Insurance Revenue by Manufacturers (2013-2018)
3.1.2 Global Cyber Insurance Revenue Market Share by Manufacturers (2013-2018)
3.1.3 Global Cyber Insurance Market Concentration Ratio (CR5 and HHI)
3.2 Cyber Insurance Key Players Head office and Area Served
3.3 Key Players Cyber Insurance Product/Solution/Service
3.4 Date of Enter into Cyber Insurance Market
3.5 Mergers & Acquisitions, Expansion Plans

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