Cyber Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Cyber Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cyber Insurance Market
The cyber insurance market size was valued at USD 16.66 billion in 2023, and the market is now projected to grow from USD 20.88 billion in 2024 to USD 120.47 billion by 2032, exhibiting a CAGR of 24.5% during the forecast period of 2024-2032.
The COVID-19 pandemic advised the digitalization of commercial enterprise techniques and the candidates and organizations had been forced to deal with increasingly personnel operating remotely. With individuals working from home, your enterprise VPN servers are now required by the organization. Due to this, there were diverse cybercriminals against the backdrop of the crisis seeking to exploit the situation. The period of the pandemic marked an increase in mail spam, ransomware attacks, and phishing attacks among hackers who were seeking to lure people into believing they were their brand, to confuse them. Undoubtedly the pandemic was an essential press to the cyber insurance market growth.
The rate of cyber-assaults and fact breaches is rising at an alarming charge across all commercial enterprise sizes. The impact of the rising cyber-assaults is the effect they've on businesses and their operations, and this is expected to enhance the market boom. Industries such as BFSI, healthcare, education, and retail are attractive targets because they store large amounts of data belonging to customers and many hackers and threat actors try to exploit these vulnerabilities. Moreover, digitalization, internet banking, mobile banking, online shopping, and electronic medical records would raise the probability of data breaches across industries. Cyber insurance with comprehensive coverage helps enterprises decrease the incident aftermath consequences. Thus, the higher rate of cybercrime will cause the cyber insurance market share to expand.
Among the crucial factors for this is that the variety of crypto proprietors is expanding day-to-day around the globe. Naturally, as crypto-asset customers are expanding in number crypto-related dangers are likewise boosting at an escalating price. Crypto currency with high volatility, for a large amount of time serves as a goal of multimillion-dollar hacking. The result is a loss of millions for investors and the sector shedding billions of dollars. Cyber insurance which provides the companies the wide coverage is an instrument to minimize the damage caused after the cyber-attacks. In short, this will call for many different kinds of policies.
Comprehensive Analysis of Cyber Insurance Market
Due to product diversification, the cyber insurance industry and the hardware & software IT services space are unabatedly increasing in size. With the flourishing of this market high-level regional evaluations that are multi-dimensioned can be made which consider the essential services determinants of the hardware & software sectors. Divisions are created strictly by insurance type, coverage type, enterprise type, and end-user. Standalone and tailored are two types of insurance. Based on coverage type, it is classifies as first party and liability coverage. SMEs and large enterprise are the two enterprise size used. Finally, end users are healthcare, retail, BFSI, IT & telecom, manufacturing, and others including governmement and travel & tourism.
North American region is predicted to spearhead the decline during the forecast period being valued at USD 6. 10 billion in 2023. The emerging area concentrates on the continuous rise of cybercrime and the high risk of data leakage. The US constitutes the major share in the region whereby the government of the country is a major player in ensuring the security and high regulation of the cyber market. The other main reason for the growth is the availability of widely used alternative solution developers.
Travelers Indemnity Company (U.S.), AXA XL (U.S.), Chubb (Switzerland), American International Group, Inc. (U.S.),Beazley Group (UK.),AXIS Capital Holdings Limited (Bermuda),CNA Financial Corporation (US.),BCS Financial Corporation (US.),The Hanover Insurance, Inc. (US.), and Zurich Insurance (Switzerland) are the main players in this market. These market players provide a level-playing competitive landscape.
In March 2023, Saiber Innovation Technologies and CYMAR Management Ltd. a specialist in cyber-insurance, bore a flagship partnership to grant cyber insurance protection for the maritime & logistics part of UAE and shield this industry from cyber-attacks.
Segmentation Table
Global Cyber Insurance Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 24.5% from 2024 to 2032
Unit Value (USD billion)
Segmentation By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, By Region
By Insurance Type
Standalone
Tailored
By Coverage Type First-party
Liability Coverage
By Enterprise Size SMEs
Large Enterprise
By End-user Healthcare
Retail
BFSI
IT & Telecom
Manufacturing
Others (Government, Travel & Tourism)
By Region
North America (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)
- US (End-user)
- Canada (End-user)
- Mexico (End-user)
South America (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)
- Brazil (End-user)
- Argentina (End-user)
- Rest of South America
Europe (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)
- UK (End-user)
- Germany (End-user)
- France (End-user)
- Italy (End-user)
- Spain (End-user)
- Russia (End-user)
- Benelux (End-user)
- Nordics (End-user)
- Rest of Europe
Middle East & Africa (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)
- Turkey (End-user)
- Israel (End-user)
- GCC (End-user)
- North Africa (End-user)
- South Africa (End-user)
- Rest of the Middle East & Africa
Asia Pacific (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)
- China (End-user)
- India (End-user)
- Japan (End-user)
- South Korea (End-user)
- ASEAN (End-user)
- Oceania (End-user)
- Rest of Asia Pacific
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Table of Contents
150 Pages
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Cyber Insurance Key Players Market Share/Ranking, 2023
- 5. Global Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Insurance Type (USD)
- 5.2.1. Standalone
- 5.2.2. Tailored
- 5.3. By Coverage Type (USD)
- 5.3.1. First-Party
- 5.3.2. Liability Coverage
- 5.4. By Enterprise Size (USD)
- 5.4.1. SMEs
- 5.4.2. Large Enterprise
- 5.5. By End-user (USD)
- 5.5.1. Healthcare
- 5.5.2. Retail
- 5.5.3. BFSI
- 5.5.4. IT & Telecom
- 5.5.5. Manufacturing
- 5.5.6. Others (Government, Travel & Tourism etc.)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Insurance Type (USD)
- 6.2.1. Standalone
- 6.2.2. Tailored
- 6.3. By Coverage Type (USD)
- 6.3.1. First-Party
- 6.3.2. Liability Coverage
- 6.4. By Enterprise Size (USD)
- 6.4.1. SMEs
- 6.4.2. Large Enterprise
- 6.5. By End-user (USD)
- 6.5.1. Healthcare
- 6.5.2. Retail
- 6.5.3. BFSI
- 6.5.4. IT & Telecom
- 6.5.5. Manufacturing
- 6.5.6. Others
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.1.1. End-user
- 6.6.2. Canada
- 6.6.2.1. End-user
- 6.6.3. Mexico
- 6.6.3.1. End-user
- 7. South America Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Insurance Type (USD)
- 7.2.1. Standalone
- 7.2.2. Tailored
- 7.3. By Coverage Type (USD)
- 7.3.1. First-Party
- 7.3.2. Liability Coverage
- 7.4. By Enterprise Size (USD)
- 7.4.1. SMEs
- 7.4.2. Large Enterprise
- 7.5. By End-user (USD)
- 7.5.1. Healthcare
- 7.5.2. Retail
- 7.5.3. BFSI
- 7.5.4. IT & Telecom
- 7.5.5. Manufacturing
- 7.5.6. Others
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.1.1. End-user
- 7.6.2. Argentina
- 7.6.2.1. End-user
- 7.6.3. Rest of South America
- 8. Europe Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Insurance Type (USD)
- 8.2.1. Standalone
- 8.2.2. Tailored
- 8.3. By Coverage Type (USD)
- 8.3.1. First-Party
- 8.3.2. Liability Coverage
- 8.4. By Enterprise Size (USD)
- 8.4.1. SMEs
- 8.4.2. Large Enterprise
- 8.5. By End-user (USD)
- 8.5.1. Healthcare
- 8.5.2. Retail
- 8.5.3. BFSI
- 8.5.4. IT & Telecom
- 8.5.5. Manufacturing
- 8.5.6. Others
- 8.6. By Country (USD)
- 8.6.1. United Kingdom
- 8.6.1.1. By End User
- 8.6.2. Germany
- 8.6.2.1. By End User
- 8.6.3. France
- 8.6.3.1. By End User
- 8.6.4. Italy
- 8.6.4.1. By End User
- 8.6.5. Spain
- 8.6.5.1. By End User
- 8.6.6. Russia
- 8.6.6.1. By End User
- 8.6.7. Benelux
- 8.6.7.1. By End User
- 8.6.8. Nordics
- 8.6.8.1. By End User
- 8.6.9. Rest of Europe
- 9. Middle East & Africa Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Insurance Type (USD)
- 9.2.1. Standalone
- 9.2.2. Tailored
- 9.3. By Coverage Type (USD)
- 9.3.1. First-Party
- 9.3.2. Liability Coverage
- 9.4. By Enterprise Size (USD)
- 9.4.1. SMEs
- 9.4.2. Large Enterprise
- 9.5. By End-user (USD)
- 9.5.1. Healthcare
- 9.5.2. Retail
- 9.5.3. BFSI
- 9.5.4. IT & Telecom
- 9.5.5. Manufacturing
- 9.5.6. Others
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.1.1. By End User
- 9.6.2. Israel
- 9.6.2.1. By End User
- 9.6.3. GCC
- 9.6.3.1. By End User
- 9.6.4. North Africa
- 9.6.4.1. By End User
- 9.6.5. South Africa
- 9.6.5.1. By End User
- 9.6.6. Rest of MEA
- 10. Asia Pacific Cyber Insurance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Insurance Type (USD)
- 10.2.1. Standalone
- 10.2.2. Tailored
- 10.3. By Coverage Type (USD)
- 10.3.1. First-Party
- 10.3.2. Liability Coverage
- 10.4. By Enterprise Size (USD)
- 10.4.1. SMEs
- 10.4.2. Large Enterprise
- 10.5. By End-user (USD)
- 10.5.1. Healthcare
- 10.5.2. Retail
- 10.5.3. BFSI
- 10.5.4. IT & Telecom
- 10.5.5. Manufacturing
- 10.5.6. Others
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.1.1. By End User
- 10.6.2. Japan
- 10.6.2.1. By End User
- 10.6.3. India
- 10.6.3.1. By End User
- 10.6.4. South Korea
- 10.6.4.1. By End User
- 10.6.5. ASEAN
- 10.6.5.1. By End User
- 10.6.6. Oceania
- 10.6.6.1. By End User
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Travelers Indemnity Company
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. AXA XL
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Chubb
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. American International Group, Inc.
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Beazley Group
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. AXIS Capital Holdings Limited
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. CNA Financial Corporation
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. BCS Financial Corporation
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. The Hanover Insurance, Inc.
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Zurich Insurance
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Development
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