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Cyber Insurance - Thematic Research

Cyber Insurance - Thematic Research


A combination of high-profile cyber incidents and stricter data protection regulations have helped drive increased uptake of cyber insurance globally. Within the UK, one area that will prove to be a hotbed of growth for the cyber insurance market is SMEs. Current uptake of cyber insurance is still relatively low compared with other commercial insurance products, but growth has and will continue to occur, with the number of SMEs holding a standalone cyber insurance policy rising by 14 percentage points in 2018.

It can be noted that the global cyber insurance market is poised for significant growth. The US cyber insurance market is far more developed than its European counterpart in terms of size, and could be seen as an indicator of the full potential the European market holds.

The insurance industry will experience considerable disruption throughout the value chain as the cyber insurance market grows globally. The complexity and continuous evolution of the risks faced by those providing cyber insurance make it extremely challenging to fully understand and mitigate against. As a result, partnerships with those outside of insurance - in particular cyber security providers - will be fundamental to providing policyholders with an adequate level of cover.

The main area in which partnerships will prove essential is in the claims environment. Failure to effectively manage the fallout following a cyber-incident can result in the associated costs spiraling. Partnerships with cyber security experts will reduce the possibility of mismanagement, reducing the costs for both the affected business and the insurer.

The report Cyber Insurance - Thematic Research, provides an in-depth analysis of the cyber insurance market. It looks at market size as well as claims, contextual and economic factors, regulation, and opportunities. It provides a thorough overview of the market along with analysis of how the development of cyber insurance will impact the insurance value chain.


  • Large liability insurers stand to benefit the most from the growing demand for cyber insurance. Leveraging their knowledge of liability products and reputation in the market will allow them to become leading players.
  • Cyber security providers will experience a considerable increase in demand for their expert knowledge, not only to assist businesses post-claim but also in the assessment of a company’s exposure to cyber risks due to the lack of available historical data.
Reasons to buy
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the market.
  • Be prepared for how regulation will impact the cyber insurance market over the next few years.

  • Introduction
  • Players
    • Table Figure 1: Who are the big players in the insurance industry and where do they sit in the value chain?
  • Cyber insurance briefing
    • Table The cyber risks faced by businesses are wide-ranging
  • Trends
    • Technology trends
      • Table Technology trends
    • Macroeconomic trends
      • Table Macroeconomic trends
    • Regulatory trends
      • Table Regulatory trends
  • Industry analysis
    • Table Figure 2: The 2015 global standalone cyber insurance market was estimated at $2.5bn
    • Table Figure 3: Large businesses dominate the EU standalone cyber insurance customer base
    • Table Figure 4: Financial transaction-driven businesses are most likely to hold a standalone cyber insurance policy
    • Table Figure 5: Annualized cyber-crime cost ($m) by attack type and country
    • Table Percentage of cybersecurity breaches detected by UK SMEs
    • Table Figure 6 Uptake of cyber insurance among UK SMEs increased considerably in 2018
    • Table Figure 7 Uptake of cyber insurance has increased considerably across SMEs of all sizes
    • Table There are 4.8 million SMEs without cyber insurance in the UK
    • Table Figure 8 Cybe1r coverage has increased across industries
    • Table Figure 9 Brokers account for four out of 10 cyber insurance policies sold in the SME market
    • Table AIG provides cyber cover through its CyberEdge products
    • Table Figure 10: AXA is the leading provider of cyber insurance among UK SMEs
    • Table Figure 11: The cyber insurance story so far
  • Value chain
    • Table Figure 12: The insurance industry value chain
    • Table Figure 13: Product development
    • Table Figure 14: Marketing and distribution
    • Table Figure 15: Underwriting and risk profiling
    • Table Figure 16: Claims management
    • Table Figure 17: Customer service
  • Companies section
    • Public companies
      • Table Public companies
    • Private companies
      • Table Private companies
  • Glossary
    • Table Glossary
  • Appendix: Our “Thematic” research methodology
    • Traditional thematic research does a poor job of picking winners and losers
    • Introducing GlobalData’s thematic engine
    • This is how it works
      • Table Figure 18: Five-step approach for generating a sector scorecard
    • How our research reports fit into our overall research methodology
    • About GlobalData
    • Contact us
    • Disclaimer

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