Cyber Insurance Market:
Executive Summary
Cyber insurance offers coverage against internet-based risks for businesses and individuals. It incorporates losses from loss of privacy, indemnification from lawsuits related to data breaches and network security breaches and others. In addition, cyber insurance also includes business’ liability for a data breach which involves sensitive customer information, such as, credit card numbers, account numbers and others. The cyber insurance market is on the surging trend considering the global scenario. The Cyber insurance market is driven by surging number of cyber-attacks, intensifying number of mandatory legislations designed for data security, intensifying losses incurred due to network security breaches along with growing number of organizations offering cyber insurance to both medium-scale and large-scale organizations across the globe. As in March 2018, SamSam ransomware cyberattack was triggered in Atlanta, US. The cyberattack involved guesstimating weak passwords and encrypting files leading to data leakage, financial losses. Hence the rising cases of cyberattacks drive the market towards growth. However, lack of Standardized Policies impedes the growth of the market over the forecast period of 2020-2027.
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The regional analysis of global Cyber Insurance market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early adoption of technology coupled with increased number of cyber-attacks in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising digitalization along with increasing digital data would create lucrative growth prospects for the Cyber Insurance market across Asia-Pacific region.
Major market player included in this report are:
Allianz SE
American International Group, Inc
Aon PLC
AXA SA
Berckshire Hathway Inc
Lloyd’s of London Ltd
Lockton Companies, Inc
Munich Reinsurance Company
The Chubb Corporation
Zurich Insurance Group Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Company Size:
Large Companies
Small & Medium Sized Companies
By Industry Vertical:
BFSI
IT & Telecom
Retail & E-commerce
Healthcare
Manufacturing
Government & Public Sector
Others
By Industry:
Automotive
Power
Industrial
Others
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Cyber Insurance Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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