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New Estimates of Cyber Insurance Market Size –
We like to keep up to date on analysis of the size and growth of the cyber insurance market. Days ago Gallagher, the large cyber insurance broker, reported the cybersecurity insurance market is projected to surge from $16.66 billion in gross written premiums in 2023 to $120.47 billion by 2032, fueled by a 24.5% compound annual growth rate. Now HTF Market Intelligence is estimating the market at $12.3 billion, growing at a CAGR (Compound Annual Growth Rate) of 19.70% to $52.1 billion in 2033.
Wide Variation in Size/Growth of Cybersecurity Insurance Market
These new estimates agree with previous reports on the direction of the cyber insurance market (up and growing fast). But they differ on the current size of the market (from $12 to well over $26 billion, based on estimated CAGR). They vary even more on how big the market will get in the coming seven years or so (from app. $42 billion, calculated by CAGR, to $120.5 billion).
Reports on the Cyber Insurance Market’s Size (Chart Updated 8/14/25)
| Source | Estimated 2024–2025 Base | Forecast Year | Forecasted Market Size | CAGR |
|---|---|---|---|---|
| Gallagher | >$20B (2025; imputed) | 2032 | $120.47B | 24.5% |
| HTF | $12.3B (2025) | 2033 | $52.1B | 19.7% |
| MarketsandMarkets | $16.5B (2025) | 2030 | $32.2B | 14.2% |
| Munich Re | $15.3B (2024) | 2030 | “More than double” | >10% |
| Fortune Business Insights | $20.9B (2024) | 2032 | $120.5B | 24.5% |
| IMARC/InsuranceAsia | $14.2B (2024) | 2033 | $73.5B | 17.9% |
| Market.us | $13.3B (2023) | 2032 | $62.7B | 18.8% |
| SkyQuest | $16.8B (2024) | 2032 | $71.8B | ~18% |
| InsuranceNewsNet | $13.1B (2024) | 2032 | $68.4B | 22.9% |
Reality Check on the Reports
The fact that the studies vary so much on the current size of the market indicates a lack of industry clarity on actual spending. Some of these estimates also apparently fail to include, or do not credit, reports indicating that cyber insurance premiums actually dropped last year.
What’s the Bottom Line on the Cyber Insurance Market’s Size?
We tend to place more credence on reports from cyber insurance companies such as Gallagher and Munich Re, rather than most research companies, since insurance companies and brokers have their own internal data as benchmarks to test broader estimates. But even the estimates by Gallagher and Munich Re differ substantially. What we feel confident saying based on these reports and other data is that this is a large market with growth likely to outperform significantly the general economy for years to come.
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