A Comprehensive Study of Cyber Insurance Market BY 2022

Cyber insurance
Cyber insurance-Global Opportunity Analysis and Industry Forecasts, 2014-2022

Cybercrime is still a serious threat and no longer is considered as a risk covered under traditional network security insurance product. Organizations from all industries need coverage for liability and property exposure which is a result of cyber-attacks. This is an opportunity for insurers and reinsurers to innovate cyber insurance products that manage various degrees of risks and cover cost-associated data breaches, credit monitoring, forensic investigations, reputation management, and business interruption.

North America constituted the largest cyber insurance market share in 2015 and it would continue to dominate the market during the forecast period. Growth in the region is supplemented by enforcement of data protection regulations in the U.S. Moreover, an increase in levels of liability and legislative developments accelerate the market growth.

Cyber Insurance Market is expected to garner $14 billion by 2022, registering a CAGR of nearly 28% during the period 2016-2022.

Based on revenue generated by companies, the cyber insurance market is categorized as very small-sized (2.5 million to 99 million), small-sized (100 million-299 million), medium-sized (300 million to 1billion), and large companies (1 billion and above). Despite the fact that cybersecurity and cyber risks are acknowledged as a serious threat, several companies do not purchase cyber insurance policies. However, the market has witnessed a change in the scenario. Companies of all sizes tend to purchase cyber insurance policies, owing to legal developments. Large companies contribute significantly, i.e., around 70% of the overall cyber insurance market in 2015, as loss of any kind of data has negative repercussions on their businesses.

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The global cyber insurance market is segmented based on industry verticals, company size, and geography. Based on industry verticals, the market is segmented into healthcare, retail, financial services (BFSI), information technology and services, others (utilities, energy, manufacturing, construction, and transportation). BFSI and information technology sector were the early adopters of cyber liability insurance policies to protect their data. Although, as per the study, Healthcare vertical generates around one-third of the premium as these companies possess huge third-party data such as personal details of consumers, employment details and cybercriminals can easily misuse this data to make money. For instance, in the U.S., around 78% of hospitals are secured under cyber insurance.

Key companies profiled in the report are American International Group, Inc. (U.S.), The Chubb Corporation (U.S.), Zurich Insurance Co. Ltd (Switzerland), XL Group Ltd (Republic of Ireland), Berkshire Hathaway (U.S.), Allianz Global Corporate & Specialty (Germany), Munich Re Group (Germany), Lloyds (U.K.), Lockton Companies, Inc. (U.S.), and AON PLC (U.K.).

List of Tables

Table 1. Cyber Insurance Market By Company Size, 2014-2022 ($Million)
Table 2. Small and Medium Enterprises Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 3. Very Small Sized Companies Cyber Insurance Market Revenue By Geography, 2014-2022 ($Million)
Table 4. Small-Sized Companies Cyber Insurance By Geography, 2014-2022 ($Million)
Table 5. Medium-Sized Companies Cyber Insurance, By Geography, 2014-2022 ($Million)
Table 6. Large Companies Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 7. Cyber Insurance Market By Industry Vertical, 2014-2022 ($Million)
Table 8. Healthcare Cyber Insurance Market By Geography, 2014-2022 ($Million)
Table 9. Retail Cyber Insurance Market, By Geography, 2014-2022 ($Million)
Table 10. Financial Services Cyber Insurance Market By Geography, 2014-2022 ($Million)

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