Cyber Insurance Market to Reach $1,16,682.32 Million, Globally, by 2032 at 25.3% CAGR: Allied Market Research

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Nov 15, 2023, 05:18 ET

The cyber insurance market is quickly expanding as a result of increase in global wealth, growth in retirement savings, a shift towards professional management, and the need for investment diversification in a complex financial landscape.

WILMINGTON, Del., Nov. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cyber Insurance Market by Coverage (Data Breach, Cyber Liability, First-Party Coverage, Third-Party Coverage, and Others), Enterprise Size (Large Enterprise, and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, IT and Telecommunication, Retail and E-commerce, Healthcare, Manufacturing, Government and Public Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032. According to the report, the global cyber insurance industry generated $12.5 billion in 2022, and is anticipated to generate $116.7 billion by 2032, witnessing a CAGR of 25.3% from 2023 to 2032.

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Prime Determinants of Growth

The demand for cyber insurance is mostly driven by the frequency and severity of cyberattacks and data breaches. Businesses want coverage owing to rising cyber risks and high-profile breaches. Furthermore, regulations pertaining to data protection and privacy, such as the CCPA, GDPR, and HIPAA, demand compliance and frequently call for firms to obtain cyber insurance. Updates or modifications to these rules can boost the market. Moreover, cyber insurance is becoming more necessary as a result of the greater reliance on digital technology and the growth of online corporate operations, both of which raise the potential exposure to cyber threats. In addition, cyber catastrophes can cause large financial losses, including expenditures for responding to data breaches, lost revenue from operations, and legal bills. The acceptance of insurance is encouraged by the possibility of a significant financial impact.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$12.5 billion
Market Size in 2032	$116.7 billion
CAGR	25.3 %
No. of Pages in Report	432
Segments covered	Coverage, Enterprise Size, Industry Vertical, and Region.
Drivers	Growth in cyber-attacks Rise in mandatory legislation regarding cyber security Increase in frequency and sophistication of cyber threats
Opportunities	Expansion of products and services
Restraints	Lack of standardized policies High costs of coverage

The data breach segment is expected to maintain its dominance throughout the forecast period

By coverage, the data breach segment held the highest market share in 2022, accounting for around two-fifths of the global cyber insurance market revenue. This can be attributed to the fact that data breaches are happening more frequently and with greater severity, and because the losses to a company's finances and reputation are so great, data breach coverage has become a top priority for companies. However, the first-party coverage segment is projected to witness the fastest CAGR of 25.3% from 2023 to 2032, this is attributed to its direct effect on a company's capacity to recover financially from a cyber-disaster and handle its immediate aftermath, all of which are of utmost importance to businesses.

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The large enterprise segment maintained its dominance throughout the forecast period.

By enterprise size, the large enterprise segment held the highest market share in 2022, more than two-thirds of the global cyber insurance market revenue and is estimated to maintain its dominance throughout the forecast period. This is attributed to greater financial resources, higher exposure to cyber risks, and the need for comprehensive coverage to protect substantial assets, making them a primary customer segment for cyber insurance. However, the cloud segment is projected to manifest the fastest CAGR of 26.9% from 2023 to 2032, which is attributed to companies increasingly recognizing their vulnerability to cyber threats and the potential financial impact of a breach, leading to a growing need for affordable and accessible coverage.

The BFSI cyber insurance segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for more than one-fifth of the global cyber insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the sector's high data sensitivity, regulatory requirements, and the critical importance of maintaining customer trust, driving substantial demand for comprehensive cyber insurance coverage. However, the manufacturing segment is projected to witness the fastest CAGR of 30.5% from 2023 to 2032, this is attributed to the increasing integration of digital technologies in manufacturing processes, which heightened cyber risks, necessitating rapid adoption of cyber insurance for risk mitigation.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global cyber insurance market revenue. This is attributed to its large and technologically advanced business landscape, increase in awareness of cyber threats, and stringent data protection regulations, making it a key region for cyber insurance adoption. However, the Asia-Pacific region is expected to witness the fastest CAGR of 28.5% from 2023 to 2032 and is projected to dominate the market during the forecast period, owing to the region's rapid digitalization, a surge in cyberattacks, and a growth in awareness of cyber risks, prompting businesses to seek cyber insurance solutions at an accelerated pace.

Leading Market Players: -

Allianz
American International Group, Inc.
Aon plc
AXA
Berkshire Hathway Inc.
Lloyd's of London Ltd.
Lockton Companies, Inc.
Munich Re
The Chubb Corporation
Zurich

The report provides a detailed analysis of the key players in the global cyber insurance market. These players have adopted different strategies such as expansion and product launch, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cyber insurance market forecast from 2022 to 2032 to identify the prevailing cyber insurance market opportunity.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cyber insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cyber insurance market trends, key players, market segments, application areas, and market growth strategies.

Cyber Insurance Market Report Highlights

Aspects Details

By Coverage

Data Breach
Cyber Liability
First-party Coverage
Third-party Coverage
Others

By Enterprise Size

Large Enterprise
Small and Medium-sized Enterprise

By Industry Vertical

BFSI
IT and Telecommunication
Retail and E-commerce
Healthcare
Manufacturing
Government and Public Sector
Others

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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