Global Cyber Insurance Market 2019 Witnessing Robust Growth and Advancement (33.7% of CAGR Expected)- AIG, Chubb and XL Group
Aug 16, 2019
InForGrowth.com shares details about research on Global Cyber Insurance Market 2019 Industry Research Report published through its high-quality database
Dublin, United States - August 16, 2019 /MarketersMedia/ —
Cyber Insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
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With cyber-attacks becoming the norm these days, even threatening to expand into a global epidemic, cyber-risk insurers across the globe are seeing organizations and end users scramble for protection from possible data and information security disasters.
North America dominates the cyber insurance market and accounts for around 89% of the overall cyber insurance market in 2016. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.
Most cyber Insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.
The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.
In 2018, the global Cyber Insurance market size was 2920 million US$ and it is expected to reach 29800 million US$ by the end of 2025, with a CAGR of 33.7% during 2019-2025.
Major players profiled in the report include American International Group, The Chubb Corporation, Zurich Insurance Co, XL Group Ltd, Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyd's, Lockton Companies, AON PLC among others. The study will also feature the key companies operating in the industry, their product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, key strategies including mergers & acquisitions, product developments, joint ventures & partnerships an expansions among others, and their latest news as well. The study will also provide a list of emerging players in the Cyber Insurance market.
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The global Cyber Insurance market is bifurcated on the basis of types into Small Medium Enterprise, Large Medium Enterprise as well as by Applications such as Healthcare, Retail, Financial Services, Information Technology and Services, Others. Based on regions, the market is classified into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The study will provide detailed qualitative and quantitative information on the above-mentioned segments for every region and country covered under the scope of the study.
Table of Contents
1 Industry Overview
2 Industry Environment (PEST Analysis)
3 Cyber Insurance Market by Type
4 Major Companies List
5 Market Competition
6 Demand by End Market
7 Region Operation
8 Marketing & Price
9 Research Conclusion
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Source: MarketersMedia
Release ID: 88908654
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