According to the latest report by IMARC Group “Cyber Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global cyber insurance market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 22.39% during 2023-2028.
Cyber insurance is a service that protects businesses against digital threats, such as malicious hacks, data breaches, malware, distributed denial-of-service (DDoS), malware, and ransomware. It also provides financial coverage for sensitive customer information, including credit cards, health records and social security, account, and driver’s license numbers. It informs customers about cybersecurity incidents, recovers compromised data, restores their identities, and repairs damaged computer systems. Nowadays, various insurers worldwide are offering personalized plans depending on business requirements. These plans cover legal expenses and fees for physical damage and income loss.
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The growing use of electronic devices for storing data is making organizations more vulnerable to cyber-attacks and data breaches. This is primarily influencing the demand for cyber insurance to recover the costs, resume core operations, and stabilize the company. As it also helps the company safeguard themselves against infringement of networks and sensitive data, cyber insurance is finding widespread application in small and medium-sized enterprises (SMEs). Apart from this, governing bodies of various countries are implementing stringent policies for improving user privacy rights and security. This is anticipated to further strengthen the market growth in the coming years.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players operating in the market are:
- Allianz SE
- American International Group Inc.
- AON Plc
- AXA XL
- Berkshire Hathaway Inc.
- Chubb Limited (ACE Limited)
- Lockton Companie
- Munich Re
- Society of Lloyd’s
- Zurich Insurance Group.
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The report has segmented the market on the basis of Product Type, Distribution Channel, and Region.
Breakup by Component:
Breakup by Insurance Type:
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End Use Industry:
- IT and Telecom
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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