Global Cyber Insurance Market Analysis :
Despite comprehensive cybersecurity measures being introduced to prevent and mitigate cyber-attacks, losses arising from security breaches continue to affect organizations profit margins.
Increasing awareness of cyber risk among high-ranking executives and cyber-related losses are driving market growth. It is also likely that the introduction of data security regulations in emerging nations will drive the market as well. Cyber insurance and reinsurance companies took this opportunity to achieve high margins.
The size of the cyber insurance market is anticipated to attract
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The cyber insurance market is segmented on the basis of company size, sector, and geography. Companies are classified as very small (
Due to the rapidly increasing incidence of cybercrimes, digital fraud, threats and data breaches, the Internet and online risk management has become one of the top priorities for businesses.
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Trends Influencing Cyber Insurance Market Share
- Increasing number of cyberattacks
- Rising cyber awareness among high-ranking executives.
Region Wise Cyber Insurance Market Analysis
- While the
Asia-Pacificcyber insurance market is in its infancy, growth in awareness of cyber risk along with the implementation of data breach legislation drives the Asia-Pacificmarket.
- Data breach legislation laws have already been adopted by
South Koreaand Australia, while other countries such as China, India, Malaysia, and Indonesiaare currently preparing suitable bills. This is expected to lead to an increase in demand for cyber insurance policies.
- Asian countries rising prominence in the global economy has drawn the government's attention and pressured these emerging economies to strengthen their cybersecurity. This allowed cyber insurance providers to potentially take advantage of the opportunity by providing risk plans and selling cyber services to improve industry protection strategies.
- The demand in
North Americaaccounted for the largest share of revenue in 2018. The region's growth can be attributed to the presence of leading players
Potential Benefits for Stakeholders
- The report provides a competitive scenario of the market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges.
- The report includes an analysis of the various market segments to provide insights on the dynamics.
- Porter's Five Forces analysis highlights the potential of buyers and suppliers to devise effective growth strategies and facilitate better decision-making.
- Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.
Cyber Insurance Market Segmentation
The global cyber insurance market is segmented by company size, industry verticals, and geography.
BY COMPANY SIZE
- Very Small companies (
$2.5 Millionto $99 Million)
- Small-sized companies (
$100 Millionto $299 Million)
- Medium-sized companies (
$300 Millionto $ 1Billion)
- Large companies (
$1.1 Billionand Above)
BY INDUSTRY VERTICAL
- Financial Services (BFSI)
- Information Technology and ServicesOthers (Utilities, Energy, Manufacturing, Construction, and Transportation)
North America U.S. Rest of North America Europe UK Germany France
- Rest of
Europe Asia-Pacific Australia Singapore South Korea Japan
- Rest of
Latin America Middle East Africa
Key players in the value chain
- American International Group, Inc.
The Chubb Corporation Zurich Insurance Co. Ltd XL Group Ltd
- Berkshire Hathaway
Allianz Global Corporate & Specialty
- Munich Re Group
Lockton Companies, Inc.
- AON PLC
- Security Scorecard
- Pivot Point Risk Analytics
Quadmetrics, Inc. Bin Insurer Holding, LLC Beazley Plc.
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