Cyber Insurance Market Covering Developing Trends, Major Highlights With Global Analysis and Forecast By 2030

Cyber Insurance Market - By Insurance (Standalone, Packaged And Personal), By End Use (It Services, Media), Distribution (Tied Agents And Branches, Direct And Other Channels, Bancassurance), And By Region, Opportunities And Strategies – Global Forecast To 2030 By The Business Research Company

The global cyber insurance market reached a value of nearly $6,785.0 million in 2018, having increased at a compound annual growth rate (CAGR) of 37.2% since 2014. Growth in the historic period resulted from the growth in the number of cyber-attacks and increased spending on information security by organizations. Factors that negatively affected growth in the historic period were a lack of awareness of insurance coverage among the general public, low penetration of cyber insurance, and a lack of awareness of potential losses by organizations.

The Key drivers of the cyber insurance market include:-
Growth In Cyber Attacks — During the historic period, the increased number of cyber-attacks targeting financial data of corporates and individuals drove the cyber insurance market. According to Symantec’s Internet Security Threat Report 2019, the number of web attacks in 2018 increased by 56%. Among the cyber-attacks, enterprise ransomware infections, malicious software designed to deny access to the system until a ransom is paid, increased by 12% with the number of Dharma/Crysis infection attempts almost tripling from an average of 1473 attacks per month in 2017 to 4900 attacks per month in 2018.

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Cyber Insurance Market Segmentation:-
By Type Of Insurance:
1. Standalone
2. Package
3. Personal

The standalone market was the largest segment of the cyber insurance market, accounting for 53.1% of the total in 2018. It was followed by package, and personal.
By Size Of Business:
1.Mid
2. Large
3. Small

The mid-sized business market was the largest segment of the cyber insurance market, accounting for 65.0% of the total in 2018. It was followed by large, and small. Going forward, small sized business is expected to be the fastest growing segment in the cyber insurance market.

By Type Of Claim
1. Ransomware
2. Hacker
3. Business Email Compromise
4. Malware/Virus
5. Phishing
6. Others
7. Third Party
8. Rogue Employee
9. Legal Action
10.Paper Records
11. Program ming Error
12. Staff Mistake
13. Lost/Stolen Laptop/Device

The ransomware market was the largest segment of the cyber insurance market, accounting for 32.7% of the total in 2018. It was followed by hacker, business email compromise, malware/virus, phishing, and others. Going forward, business email compromise segment is expected to be the fastest growing segment in the cyber insurance market.

By End-Use:
1. Professional Services
2. Media
3. Healthcare
4. Others
5. Government Bodies (Public)
6. Financial Services
7. Retail And Wholesale
8. Education
9. Manufacturing
10. IT Services

The professional services market was the largest segment of the cyber insurance market, accounting for 17.2% of the total in 2018. It was followed by media, healthcare, others, government bodies (public), financial services, and others. Going forward, education segment is expected to be the fastest growing segment in the cyber insurance market.

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By Geography - The cyber insurance market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the cyber insurance market are
1. Chubb Limited
2. AXA Group
3. American International Group, Inc.
4. Beazley Insurance Co, Inc.
5. The Travelers Companies, Inc.

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.