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Cyber Insurance Market, High Trend in Future, Industry Analysis 2017-2022
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In the year 2014, there was increased number of cybercrimes with similar repercussions. Business houses such as Home Depot, Sony Entertainment, and Target had experienced data breaches that required them to pay billions of USD to cover the cost of damage. Similarly, financial institutions such as JP Morgan Chase, were also affected more severely, and had to pay huge amount to cover losses. To cater to the same, the stakeholders within the cyber insurance industry use approaches to educate consumers about the losses incurred due to cyber-attacks and stratagems to cope with them. For instance, Cyber liability insurance, which is available since last ten years, tends to protect business data from such cyber-attacks.
Cyber insurance industry provides insurance products to mitigate risks and associated cost incurred due to cyber-attacks. BFSI, healthcare, and retail sector are the most targeted sectors, witnessing increase in incidences of information and identity theft, scams, and frauds. However, in the recent years, other industries such as manufacturing, construction, sports & gaming, entertainment, and education have also come under threat from cyber-attacks.
Cyber insurance market growth is aided by a numerous factors. The prime factors include increase in awareness regarding cyber risks and mandatory legislations regarding cyber security in major countries, such as U.S., UK, South Korea, and Australia. In addition, rise in awareness regarding business interruption (BI) risks and related insurance products is also expected to drive the cyber insurance market. However, as this industry is complex and changes regularly, lack of standardized policies and evolving perils are projected to limit the market growth.
Cyber insurance market has a huge potential; however, it is largely an untapped market. Looking at spate of cyber-attacks, companies look forward to extend cyber liability to their supply chains as well, thus providing new opportunities for cyber liability insurance providers within the cyber insurance industry to innovate their insurance products.
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To analyze the global cyber insurance market, the cyber insurance is segmented based on company size, industry vertical, and geography. Companies are categorized as very small companies ($2.5 million to $99 million), small-sized companies ($100 million to $299 million), medium-sized companies ($300 million to $1 billion), and large ($1.1 billion and above). Among all, large companies pay larger premium for cyber liability policies, as these companies need to pay high cost to recover losses. Different industry vertical covered in this report include healthcare, retail, financial services (BFSI), information technology & services, and others (utilities, energy, manufacturing, construction, and transportation). The cyber insurance market is analyzed across four geographical regions namely, North America (U.S. and rest of North America), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (Australia, Singapore, South Korea, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America holds the highest cyber insurance market share, followed by Europe, owing to high frequency of cyber-attacks faced by the U.S. companies.
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 ANALYSIS OF THE VARIOUS MARKET SEGMENTS TO PROVIDE INSIGHTS ON THE DYNAMICS.
• PORTERS 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.
Market segmentation
• The global cyber insurance market is segmented by company size, industry vertical, 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)
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BY INDUSTRY VERTICAL
• Healthcare
• Retail
• Financial Services (BFSI)
• Information Technology and Services
• Others (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.
Table Of Content
• CHAPTER 1 INTRODUCTION
• CHAPTER 2 EXECUTIVE SUMMARY
• Chapter 3 MARKET OVERVIEW
• CHAPTER 4 WORLD CYBER INSURANCE MARKET, BY COMPANY SIZE
• CHAPTER 5 WORLD CYBER INSURANCE MARKET, BY INDUSTRY VERTICAL
• Chapter 6 WORLD INTIMATE WEAR MARKET, BY GEOGRAPHY
• Chapter 7 COMPANY PROFILES
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