Press release
Cyber Insurance Market by Future Development Status Recorded during 2021-2030
Cyber insurance is a specialty insurance product that covers the financial risks associated with cybercrimes. It provides coverage in different areas such as extortion, data destruction, hacking, theft, denial of service, and other cybercrimes. It also helps the client in mitigating the investigation process of cyber-related security breach and similar mishaps. On the professional front, the cyber insurance products can be personalized as per the customer requirements.
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Competitive Landscape
The cyber insurance market is highly competitive and consists of various market players including Allianz Global Corporate & Specialty, BitSightTechnologies, The Chubb Corporation, American International Group, Inc., XL Group Ltd, Lockton Companies, Inc., Security Scorecard, Beazley Plc, Munich Re Group, Pivot Point Risk Analytics, Lloyd’s, Berkshire Hathaway, Bin Insurer Holding, LLC, AON PLC and Quadmetrics, Inc. among others.
The key players are employing strategies such as new product launches, joint ventures, acquisition, technical collaboration, and capacity expansion, in-order to secure stronger position in the cyber insurance market.
In October 2019, Allianz Global Corporate & Specialty (AGCS), one of the major players of cyber insurance market, entered into a joint venture with Check Point Software Technologies, in-order to launch an initiative to improve the cyber risk management solution for enhancing resilience of businesses. The updated cyber insurance policy includes broader coverage and offers high level of security to the organizations.
In January 2020, Check Point Software Technologies Ltd., one of the major players of cyber insurance market launched its new ‘Global Partner Program’ for expanding partner capabilities, win new customer base, accelerate customer adoption of insurance policies, and achieve increased success in cloud security.
In April 2020, Chubb Corporation, one of the major players of cyber insurance market, in association with the Carnegie Mellon University, awarded a group of insurance professionals with COPE Insurance Certification Designations, giving them opportunity to be well-trained and achieve certification in cyber security risk management, and operations.
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Market Segmentations and Scope of the Study:
The global cyber insurance market share has been analyzed based on company size, industry vertical and geography.
Based on company size, the market is segmented into small & medium enterprise and large enterprise. Based on industry vertical, the market is divided into healthcare, retail, financial services (BFSI), Information Technology & Services and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to dominate the global cyber insurance market throughout the forecast period, accounting for the major market share. This is due to higher adoption of cyber insurance across various business enterprises, well established IT infrastructures, stringent corporate digital security standards, and presence of key service providers in this region.
Asia Pacific is expected to grow with the highest CAGR values in the global cyber insurance market throughout the forecast period, owing to increasing prevalence of multinational companies especially in developing economies, increasing incidences of cybercrimes at various industry verticals, as well as untapped market opportunities offered by emerging economies specifically India and China.
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