The global cyber insurance market growth is projected to rise from $16.66 billion in 2023 to $84.62 billion by 2030 according to the IMARC Group. The increasing number of cyberattacks and the need to protect critical assets are some of the key factors driving the growth of the market.
The market is segmented by type, coverage, and end-user. By type, the market is divided into property damage, business interruption, cyber extortion, and other types. The business interruption segment is expected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The driving force? A need to protect businesses from financial losses caused by cyberattacks.
Cyber Insurance Options
By coverage, the market is divided into first-party and third-party.
The first-party segment is expected to grow at a higher CAGR during the forecast period, due to the increasing demand for coverage for direct losses incurred by businesses due to cyberattacks.
The market is divided into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to account for the largest share of the market during the forecast period. This growth is due to the high value of assets that they need to protect from cyberattacks.
The key players poised to benefit from global cyber insurance growth include AIG, Allianz, Munich Re, Lloyd’s, and Chubb. These players are expanding their product offerings and investing in research and development to gain a competitive edge.
Other Insights
- The Asia Pacific region is expected to be the fastest-growing market for cyber insurance, due to the increasing number of cyberattacks in the region.
- The government and healthcare sectors are the major end-users of cyber insurance, due to the sensitive data that they handle.
- The rising cost of cyber insurance is a challenge for the market, but the increasing awareness of cyber risks is expected to drive the demand for the insurance.
Source: Cyber Insurance Market Share, Size, Growth, Opportunity and Forecast 2023-2028
Other Cyber Insurance News:
Expect More Disclosures from Public Companies Concerning Their Cyber Insurance