Global Cyber Insurance Market Key Players, Challenges 2019

  • Posted by stefenmarwa
  • February 18, 2019 11:44 AM GMT

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. 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.

Scope of the Report:
This report studies the Cyber Insurance market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Cyber Insurance market by product type and applications/end industries.
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 cyber security 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.

Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.

The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.

The global Cyber Insurance market is valued at 2920 million USD in 2017 and is expected to reach 16700 million USD by the end of 2023, growing at a CAGR of 33.8% between 2017 and 2023.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Cyber Insurance.
Europe also play important roles in global market, with market size of xx million USD in 2017 and will be xx million USD in 2023, with a CAGR of xx%.

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Market Segment by Companies, this report covers
XL Group
Zurich Insurance
Munich Re Group
Berkshire Hathaway
AXIS Insurance
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
Business Services

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There are 15 Chapters to deeply display the Global Cyber Insurance Market.

Chapter 1 describes Cyber Insurance Introduction, product scope, Cyber Insurance market overview, market opportunities, market driving force, market risk;

Chapter 2 analyzes the top competitive players of global Cyber Insurance, with revenue, Cyber Insurance industry sales, and price of Cyber Insurance, in 2016 and 2017;

Chapter 3 displays the competitive situation of Cyber Insurance among the top competitive players, with sales, revenue and market share in Cyber Insurance Market in 2016 and 2017;

Chapter 4 shows the global Cyber Insurance market by regions, with sales, market revenue and share of Cyber Insurance, for each region, from 2012 to 2017;

Chapter 5, 6, 7, 8 and 9 analyzes the key regions, with revenue, sales, and market share of Cyber Insurance market by key countries in these regions;

Chapter 10 and 11 shows the worldwide Cyber Insurance market by type and application, with sales channel, Cyber Insurance market share and growth rate by type, Cyber Insurance industry application, from 2012 to 2017;

Chapter 12 includes global Cyber Insurance market forecast, by regions, type and application, Cyber Insurance with sales and revenue, from 2017 to 2022;

Chapter 13, 14 and 15 describes Cyber Insurance distributors, dealers, Cyber Insurance traders, sales channel, research findings and conclusion, appendix and data source.