Cybersecurity Insurance Market See Huge Growth for New Normal | AXIS Capital, Sompo International, Allianz

PRESS RELEASE

Published July 5, 2023

The global cybersecurity insurance market size was USD 12.10 Billion in 2022 and is expected to register a steady revenue CAGR of 22.4% during the forecast period, according to the latest analysis by Emergen Research. Increasing number of cyberattacks cases is a key factor driving market revenue growth. Ownership of cryptocurrencies worldwide has been increasing on a daily basis. However, increasing crypto ownership has also led to rising crypto threats at a rapid rate. Highly volatile nature of cryptocurrencies makes them attractive targets for large-scale hacks, resulting in investors losing millions of dollars and the overall sector suffering significant financial losses.

The frequency and sophistication of cyber threats have increased in an increasingly digitised environment, demanding powerful security measures. Cybersecurity insurance, often known as cyber insurance, has emerged as an important tool in combating cyber hazards. This market provides organisations with financial coverage and risk management solutions in the event of data breaches, cyberattacks, and other malicious acts. Cybersecurity insurance has become an essential component of modern business operations due to its ability to limit the financial effect of cyber catastrophes.

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For example, in March 2022, hackers stole nearly USD540 million worth of cryptocurrency from the blockchain project Ronin, making it one of the largest cryptocurrency thefts ever recorded. Companies have started investing in insurance policies to protect themselves against these risks to address these rising crypto threats. As a result, increasing number of crypto threats and involvement of insurance companies in crypto insurance are also expected to drive revenue growth of the market during the forecast period.

However, high costs associated with premium insurance policies is a major factor, which could restrain market revenue growth. Increasing policy prices imposed by insurance companies is impeding the ability of businesses to continue and renew their coverage. Premium rates have risen by 30%, and companies, such as American International Group Inc., are reducing coverage limits as costs escalate. This situation is particularly discouraging for Small & Medium Enterprises (SMEs) with limited financial resources, as they hesitate to invest further in security insurance.

Some major companies in the market report include:

AXIS Capital,
Sompo International,
Allianz,
Travelers Insurance,
Arthur J. Gallagher & Co,
AIG,
Aon,
AXA XL,
Microsoft Corporation,
Check Point.

AIG (American International Group): AIG is a multinational insurance company with a major position in the cybersecurity insurance industry. They provide comprehensive cyber insurance solutions to businesses of all sizes, with a focus on risk assessment, incident response, and cyber-related loss coverage.

Allianz: Allianz is a worldwide insurance and financial services conglomerate with a significant position in the cybersecurity insurance industry. They provide cybersecurity insurance coverage that address the specific dangers that organisations confront in today’s digital economy.

Travellers: Travellers is a well-known insurance firm that provides cyber insurance solutions to organisations, such as coverage for data breaches, privacy violations, and cyber extortion.

To learn more details about the Global Cybersecurity Insurance Market report, visit @ https://www.emergenresearch.com/industry-report/cybersecurity-insurance-market

Some Significant Report Highlights:

The standalone segment accounted for largest revenue share in the global cybersecurity insurance market over the forecast period. Unlike the commercial package, which normally only covers liabilities, the standalone insurance policy covers both costs and expenses. This policy shields businesses from claims that they failed to secure sensitive data from security or privacy breaches that result in lawsuits.
The data breach segment is expected to register steadily fast revenue growth rate in the global cybersecurity insurance market over the forecast period. While most types of Denial of Service (DoS) assaults can now be defended against using modern security technology, Distributed Denial of Service (DDoS) attacks are still regarded as a serious issue and a top concern for enterprises. In addition, these attacks have the potential to seriously harm a website and other digital assets, necessitating expensive repairs or rebuilding efforts. It’s crucial to obtain business interruption insurance to reduce these risks.
The insurance provider segment is expected to account for significantly large revenue share in the global cybersecurity insurance market over the forecast period. Cybersecurity insurance is becoming more common in the healthcare industry. Healthcare providers are incredibly susceptible to cyberattacks due to the sensitive nature of information stored in healthcare databases. Cyberattacks might cause major financial losses for the healthcare industry, as well as legal trouble, financial penalties, and reputational damage.
The North America market accounted for largest revenue share in the global cybersecurity insurance market in 2022. This is due to rising cyberthreat awareness, tougher data protection laws, and significant financial expenses related to cyber events Government regulations are expected to have a big impact on the economy because cyberthreats are only going to get worse as society becomes more digital. A developing market in Canada for cyber security solutions presents a chance for American software and technology exports to fill this need.

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Segmental Analysis:

Emergen Research has segmented the anti-block additives market on the basis of component, insurance type, insurance coverage, end-use, and region:

Component Outlook (Revenue, USD Billion; 2019–2032)
- Solution
- Service

Insurance Type Outlook (Revenue, USD Billion; 2019–2032)
- Packaged
- Stand-Alone

Insurance Coverage Outlook (Revenue, USD Billion; 2019–2032)
- Data Breach
- Cyber Liability

End-use Outlook (Revenue, USD Billion; 2019–2032)
- Technology Provider
- Insurance Provider

Regional Outlook:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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