The growing interest in personal cyber insurance, which offers protection against a wide array of digital threats such as data breaches, online fraud, cyber extortion, and computer attacks, is increasingly driving demand for identity theft coverage. As one of the most pressing concerns in the digital age, identity theft insurance has emerged as a critical feature in comprehensive personal cyber policies.
According to Javelin Strategy and Research, Americans lost $23 billion to identity fraud in 2023. That makes the content of a new report from Research And Markets less than surprising. The report delves into the identity theft insurance market, examining its size, trends, and future opportunities. Valued at USD 660.01 million in 2023, the market is set to grow at a strong CAGR of 15.43% from 2025 to 2030, underscoring the increasing awareness of and need for this protection.
The rising number of identity theft cases worldwide fuels the demand for insurance products that cover financial losses and recovery expenses. The shift toward digital transactions and increased data breaches has heightened individual and corporate concerns about protecting sensitive personal information. This evolving landscape is pushing more consumers to seek insurance coverage to mitigate the financial and emotional fallout of identity theft.
Key Drivers
Key drivers of the identity theft insurance market include technological advancements in cybersecurity tools and fraud detection systems. Insurers are responding by offering more robust and comprehensive packages, which often include services such as identity monitoring, recovery assistance, and financial reimbursement. This shift toward holistic protection attracts individuals and businesses looking to secure their digital lives.
Geographically, the Americas continue to dominate the identity theft insurance market, driven by high digital penetration, the rise of e-commerce, and frequent cases of identity theft in countries like the United States. The Asia-Pacific region, however, is expected to experience the highest growth rate, fueled by increasing digital adoption and awareness of cyber risks in countries such as India, China, and Japan.
The report offers detailed insights into the competitive landscape, highlighting strategic developments by key players like NortonLifeLock, McAfee, Allstate, and GEICO. It also provides an in-depth analysis of the market’s segmentation by theft type, distribution channel, and end-user, offering a comprehensive view of current and future market dynamics. This report not only serves as a valuable resource for industry stakeholders but also highlights the growing importance of identity theft protection as part of the broader personal cyber insurance ecosystem.
Get the full report here.
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