Global Cyber Insurance Market Is Expected to Grow at a CAGR of 33.8% Between 2019 and 2024

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Pune, India -- (SBWIRE) -- 03/02/2019 -- Latest Survey On Cyber Insurance Market

The global Cyber Insurance market is valued at 2920 million USD in 2018 and is expected to reach 16700 million USD by the end of 2024, growing at a CAGR of 33.8% between 2019 and 2024.

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.

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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.

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 cybersecurity 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.

The objective of the study is to define market sizes of different segments & countries in previous years and to forecast the values to the next eight years. The Cyber Insurance market report is designed to incorporate both qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study.

Furthermore, the report also caters the detailed information about the crucial aspects such as drivers & restraining factors which will define the future growth of the market. Additionally, it will also incorporate the opportunities available in micro markets for stakeholders to invest, detailed analysis of competitive landscape and product offerings of key players. The segments and sub-segment of the market are explained in details.

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Market Segment by Manufacturers, this report covers: AIG, Chubb, XL Group, Beazley, Allianz, Zurich Insurance, Munich Re Group, Berkshire Hathaway, AON, AXIS Insurance, Lockton, CNA, Travelers, BCS Insurance, Liberty Mutual Market Segment by Regions, regional analysis covers: , North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Market Segment by Type, covers:: Stand-alone Cyber Insurance, Packaged Cyber Insurance

Market Segment by Applications, can be divided into:: Financial Institutions, Retail and Wholesale, Healthcare, Business Services, Manufacturing, Technology, Others

The scope of the report: This research report presents an extensive study of the market and comprises significant insights, facts, previous data, and statistically-supported and industry-validated market facts and projections with an appropriate set of methodologies and assumptions. It provides analysis and data on the basis of market segments and sub-segments, regions, product type, and distribution channels.

What the report offers:

Market Overview for the Global Cyber Insurance Market and the identification of the market dynamics, including growth drivers, restraints, challenges, and potential opportunities for the market.
Market analysis for the Global Cyber Insurance Market, with competitive landscape and geographic analysis on a global and regional scale.
Determination of different factors responsible for changing the market landscape, rising future opportunities and determination of leading players, which can affect the market on a regional scale.
Company profiles of the leading competitors along with their strategic initiatives and market shares.
Determination and analysis of the macro- and microeconomic factors that affect the Global Cyber Insurance Market, as per the regional analysis.
In the end, This report is an assimilation of trustworthy and updated information, quantitative and qualitative evaluation by industry analysts, inputs from industry professionals and leading competitors across the industrial value chain.

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