Cyber Insurance Market by Company Size (Small and Medium Enterprises & Large Enterprises), by Industry Vertical (Healthcare, Retail, Financial Services (BFSI), Information Technology and Services, and Others) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030
Industry: BFSI | Publish Date: 11-Dec-2024 | No of Pages: 237 | No. of Tables: 128 | No. of Figures: 98 | Format: PDF | Report Code : BF322
Market Definition
The global Cyber Insurance Market size was valued at USD 6.12 billion in 2019 and is predicted to reach USD 35.21 billion by 2030, with a CAGR of 17.1% from 2020-2030.
Cyber insurance is a specialty insurance product that covers the financial risks associated with cybercrimes. It provides coverage in different areas such as extortion, data destruction, hacking, theft, denial of service, and other cybercrimes. It also helps the client in mitigating the investigation process of cyber-related security breaches and similar mishaps. On the professional front, cyber insurance products can be personalized as per the customer's requirements.
According to the cyber security statistics for 2019 provided by Cyber Defense Magazine, more than 8,854 cyber breaches were recorded between 2005 and 2018. The total cost of these breaches sums up to billions of dollars. At global level, the cost of cybercrimes is anticipated to cross USD 6 trillion by 2021. The soaring demand for efficient cybersecurity solutions further augments the growth of the global cyber insurance market.
Market Dynamics and Trends
Cyber-attacks adversely affect the reputation of an organization and reduce its customer base, which in turn lowers business turnover. Cyber insurance helps the organization to cover financial loss, investigative expenses, criminal reward funds, and to recover post-incident public relations. The growing adoption of cyber insurance across different industry verticals is expected to propel the growth of the global cyber insurance market throughout the forecast period.
Furthermore, the increasing cases of ransomware attacks, malware attacks, phishing activities, cyber thefts, cyber frauds, and other cybercrimes, augment the demand for effective cyber insurance policies that cover financial losses and partake in post-damage control; thereby supplementing the growth of cyber insurance market.
However, lack of standardization, an increasing number of cyber hackers, along with complex and fluctuating nature of cybercrimes are expected to adversely affect the growth of the cyber insurance industry players.
Moreover, increasing security concerns in private and public organizations, and untapped market opportunities offered by emerging economies, shall propagate the growth of the global cyber insurance market in coming future.
Market Segmentations and Scope of the Study
The cyber insurance market report has been analyzed based on company size, industry vertical and geography. Based on company size, the market is segmented into small & medium enterprise and large enterprise. Based on industry vertical, the market is divided into healthcare, retail, financial services (BFSI), Information Technology & Services and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to dominate the global cyber insurance market throughout the forecast period, accounting for the major market share. This is due to higher adoption of cyber insurance across various business enterprises, well-established IT infrastructures, stringent corporate digital security standards, and the presence of key service providers in this region.
Asia Pacific is expected to grow with the highest CAGR values in the global cyber insurance indusrty throughout the forecast period, owing to the increasing prevalence of multinational companies especially in developing economies, increasing incidences of cybercrimes at various industry verticals, as well as untapped market opportunities offered by emerging economies specifically India and China.
Competitive Landscape
The cyber insurance indusrty is highly competitive and consists of various market players including Travelers Indemnity Company, AXA XL, Chubb, American International Group, Inc., Beazley Group, AXIS Capital Holdings Limited, CNA Financial Corporation, BCS Financial Corporation, The Hanover Insurance, Inc., Zurich Insurance among others. The key players are employing strategies such as new product launches, joint ventures, acquisition, technical collaboration, and capacity expansion, in-order to secure stronger position in the cyber insurance market.
In October 2019, Allianz Global Corporate & Specialty (AGCS), one of the major players of cyber insurance market, entered into a joint venture with Check Point Software Technologies, in-order to launch an initiative to improve the cyber risk management solution for enhancing resilience of businesses. The updated cyber insurance policy includes broader coverage and offers high level of security to the organizations.
In January 2020, Check Point Software Technologies Ltd., one of the major players of cyber insurance market launched its new ‘Global Partner Program’ for expanding partner capabilities, win new customer base, accelerate customer adoption of insurance policies, and achieve increased success in cloud security.
In April 2020, Chubb Corporation, one of the major players of cyber insurance market, in association with the Carnegie Mellon University, awarded a group of insurance professionals with COPE Insurance Certification Designations, giving them opportunity to be well-trained and achieve certification in cyber security risk management, and operations.
Key Benefits
-
The cyber insurance market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
-
The study comprises a deep dive analysis of the market including the current and future trends for depicting the prevalent investment pockets in the market.
-
The report provides detailed information related to key drivers, restraints, opportunities, and their impact on the global market.
-
The report incorporates competitive analysis of the market players along with their market share in the global market.
-
The SWOT analysis and Porters Five Forces model is elaborated in the study of the market.
-
Value chain analysis in the cyber insurance market study provides a clear picture of the stakeholders’ roles.
Cyber Insurance Market Key Segments
By Company Size
-
Small and Medium Enterprise
-
Large Enterprise
By Industry Vertical
-
Healthcare
-
Retail
-
Financial Services (BFSI)
-
Information Technology and Services
-
Others
By Geography
-
North America
-
U.S
-
Canada
-
Mexico
-
-
Europe
-
UK
-
Germany
-
France
-
Spain
-
Italy
-
Netherlands
-
Denmark
-
Finland
-
Norway
-
Sweden
-
Russia
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Thailand
-
Singapore
-
Rest of Asia-Pacific
-
-
RoW
-
Latin America
-
Middle East
-
Africa
-
Key Players:
-
Travelers Indemnity Company
-
AXA XL
-
Chubb
-
American International Group, Inc.
-
Beazley Group
-
AXIS Capital Holdings Limited
-
CNA Financial Corporation
-
BCS Financial Corporation
-
The Hanover Insurance, Inc.
-
Zurich Insurance
Report Scope and Segmentation
|
Parameters |
Details |
|
Analysis Period |
2019–2030 |
|
Base Year Considered |
2020 |
|
Forecast Period |
2020–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Market Segmentation |
By Company Size (Large Companies, Small and Medium-sized Companies) By Industry Vertical (BFSI, IT & telecom, Retail & e-commerce, Healthcare, Manufacturing, Government & Public Sector, Others) |
|
Geographical Segmentation |
North America (U.S., Canada, Mexico) Europe (UK, Germany, France, Spain, Italy, Netherlands, Denmark, Finland, Norway, Sweden, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Singapore, Rest of Asia-Pacific ) Rest of World (Latin America, Middle East, Africa) |
|
Companies Profiled |
Travelers Indemnity Company, AXA XL, Chubb, American International Group, Inc., Beazley Group, AXIS Capital Holdings Limited, CNA Financial Corporation, BCS Financial Corporation, The Hanover Insurance, Inc., Zurich Insurance. |
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Speak to Our Analyst
Related Report
Related Blogs
The Digital Revolution in U.S. Insurance Industry
The U.S. insurance industry is undergoing a significant transformation driven by...
How Leading Players are Adapting to a Rapidly Expanding Insurance TPA Market
The Insurance TPA Market is experiencing strong growth,...
Adoption of Latest Technologies to Reshape the P&C Core Platform Industry
Introduction The property and casualty (P&C) insuranc...
_Insurance.png)
