Global Cyber Insurance Market Size is Expected to Reach USD 14 Billion With a CAGR of 28% During 2016 - 2022 Forecast Period - Valuates Report

BANGALORE, India, Nov. 25, 2019 /PRNewswire/ --

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.

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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 $14 billion by 2022, showing a 28 per cent CAGR during the 2016-2022 forecast period.

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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 ($2.5 million to $99 million), small ($100 million to $299 million), medium-sized ($300 million to $1 billion) and large ($1.1 billion and above) companies. Large companies, among others, pay higher premiums for cyber-liability plans. Various verticals of the industry covered in this study include healthcare, retail, financial services, IT & services, and others (business, energy, education, government, manufacturing).

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-Pacific cyber insurance market is in its infancy, growth
        in awareness of cyber risk along with the implementation of data breach
        legislation drives the Asia-Pacific market.
    --  Data breach legislation laws have already been adopted by South Korea
        and Australia, while other countries such as China, India, Malaysia, and
        Indonesia are 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 America accounted for the largest share of revenue
        in 2018. The region's growth can be attributed to the presence of
        leading players

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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 Million to $99 Million)
    --  Small-sized companies ($100 Million to $299 Million)
    --  Medium-sized companies ($300 Million to $ 1Billion)
    --  Large companies ($1.1 Billion and Above)

BY INDUSTRY VERTICAL

    --  Healthcare
    --  Retail
    --  Financial Services (BFSI)
    --  Information Technology and ServicesOthers (Utilities, Energy,
        Manufacturing, Construction, and Transportation)

BY GEOGRAPHY

    --  North America
        --  U.S.
        --  Rest of North America
    --  Europe
        --  UK
        --  Germany
        --  France
        --  Rest of Europe
    --  Asia-Pacific
        --  Australia
        --  Singapore
        --  South Korea
        --  Japan
        --  Rest of Asia-Pacific
    --  LAMEA
        --  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
    --  Lloyd's
    --  Lockton Companies, Inc.
    --  AON PLC
    --  BitSight Technologies
    --  Security Scorecard
    --  Pivot Point Risk Analytics
    --  Quadmetrics, Inc.
    --  Bin Insurer Holding, LLC
    --  Beazley Plc.
    --  Others

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