Cyber Insurance

Global Cyber Insurance Market to Reach US$19.2 Billion by 2030

The global market for Cyber Insurance estimated at US$11.1 Billion in the year 2024, is expected to reach US$19.2 Billion by 2030, growing at a CAGR of 9.7% over the analysis period 2024-2030. Solutions, one of the segments analyzed in the report, is expected to record a 9.3% CAGR and reach US$12.8 Billion by the end of the analysis period. Growth in the Services segment is estimated at 10.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.0 Billion While China is Forecast to Grow at 13.3% CAGR

The Cyber Insurance market in the U.S. is estimated at US$3.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.0 Billion by the year 2030 trailing a CAGR of 13.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.1% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR.

Global Cyber Insurance Market - Key Trends and Drivers Summarized

Why Is Cyber Insurance Becoming Essential in the Digital Age?

Cyber insurance has emerged as a critical component of risk management for businesses in the digital age. As organizations increasingly rely on technology and data, they become more vulnerable to cyberattacks, data breaches, and ransomware. Cyber insurance provides financial protection against the costs associated with these incidents, including legal fees, notification expenses, data recovery, and business interruption. This insurance covers a wide range of industries, from finance and healthcare to retail and manufacturing, all of which are highly susceptible to cyber threats. As the frequency and sophistication of cyberattacks increase, cyber insurance is becoming an indispensable safeguard for businesses looking to mitigate financial and reputational damage.

What Are the Segments and Applications in the Cyber Insurance Market?

The cyber insurance market is segmented based on policy type, including first-party coverage, which covers direct losses to the insured organization, and third-party coverage, which protects against claims from customers and partners affected by a breach. Key applications of cyber insurance include data breach response, ransomware mitigation, and business continuity support. The financial services and healthcare sectors are the largest users of cyber insurance due to their vast amounts of sensitive data and strict regulatory requirements. However, industries such as retail, manufacturing, and education are increasingly adopting cyber insurance as they too become frequent targets of cyberattacks. North America dominates the market due to stringent data protection regulations like GDPR and CCPA, but the market in Asia-Pacific is growing rapidly as awareness of cyber risks increases.

How Are Regulations and Cybersecurity Trends Shaping the Market?

Regulatory requirements, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S., are driving the adoption of cyber insurance. These regulations mandate that organizations take strict measures to protect personal data, and failure to comply can result in hefty fines. As a result, businesses are turning to cyber insurance to mitigate potential regulatory penalties and manage data breach risks. Additionally, the rise of cyber extortion, such as ransomware attacks, is prompting companies to purchase more comprehensive policies. The growing awareness of cybersecurity risks among small and medium-sized enterprises (SMEs) is also expanding the market, as these businesses often lack the resources for robust in-house cybersecurity measures.

What Factors Are Driving the Growth in the Cyber Insurance Market?

The growth in the cyber insurance market is driven by several factors, including the increasing frequency and severity of cyberattacks, particularly ransomware and data breaches. Regulatory frameworks like GDPR and CCPA are compelling businesses to adopt cyber insurance as part of their compliance strategies. Additionally, the rise of digital transformation initiatives across industries is exposing more businesses to cybersecurity risks, driving demand for comprehensive coverage. Technological advancements in cybersecurity, combined with the increasing use of cloud services and Internet of Things (IoT) devices, are further fueling market growth. Lastly, the heightened awareness of cyber risks among SMEs and the expansion of cyber insurance offerings tailored to their needs are contributing to the market’s rapid growth.

SCOPE OF STUDY:

The report analyzes the Cyber Insurance market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Component (Solutions, Services); Format (Standalone Offering, Packaged Offering); End-Use (BFSI End-Use, Retail End-Use, Healthcare End-Use, IT & Telecom End-Use, Manufacturing End-Use, Other End-Uses)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 43 Featured) -

• American International Group, Inc.
• AttackIQ
• AXA XL
• Axis Capital Holdings Limited
• Bitsight Technologies, Inc.
• Check Point Software Technologies Ltd.
• Chubb Corp.
• CNA Insurance Company
• Cyber Indemnity Solutions
• CyberArk Software Ltd.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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