Cyber Insurance – Thematic Intelligence

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Cyber Insurance Market Analysis Overview

Cyber insurance provides cover against first- and third-party financial losses arising from damage to, or loss of data from, IT systems. Cyber risks are growing for SMEs of all sizes and this fact is even acknowledged by SMEs themselves. While the pandemic has raised the cyber risks most businesses face, it has also increased the likelihood that many SMEs will purchase cyber insurance. The tough economic climate may be holding some businesses back from making the purchase right now, but as economies return to growth, the cyber line looks set to receive strong demand going forward. Indeed, over a quarter of UK SMEs indicated that they purchased cyber because of increased remote working due to the pandemic.

The cyber insurance report offers a comprehensive understanding and thematic briefing of cybersecurity and cyberattack landscape. It covers key trends influencing the cyber insurance market space. The cyber insurance market research report also offers industry analysis, signals, value chain insights, and information pertaining to public and private companies.

Market Size (GWP – 2022) $16.7 billion
CAGR (2022-2027) >14%
Key Trends Technology Trends, Macroeconomic Trends, And Regulatory Trends
Value Chain Components Product Development, Marketing and Distribution, Underwriting and Risk Profiling, Claims Management, and Customer Service
Public Companies AIG, Aon, AXA, Beazley, Chubb, Fairfax, Marsh & McLennan, Munich Re, Swiss Re, Tokio Marine, Verisk, WTW, and Zurich
Private Companies At-Bay, CFC, Coalition, CyberCube, Cowbell Cyber, Envelop Risk, and Zeguro

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Cyber Insurance Market Trends

The main trends shaping the cyber insurance theme over the next 12 to 24 months are technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: The key technology trends influencing the cyber insurance market are cybersecurity, automated home, wearable tech, connected and autonomous vehicles, industrial internet, Big Data, AI and machine learning, cloud, future of work, blockchain, metaverse, and customer digitalization. Partnerships between cybersecurity providers and cyber insurers are becoming an area of collaboration that is increasingly important within the space. These partnerships are allowing leading insurers to better understand (and then mitigate) the risks facing individual clients, providing a useful tool in the underwriting process.

Macroeconomic Trends: Geopolitics, the Russia-Ukraine conflict, nation-state cyberattacks, and inflation and a poor macroeconomic outlook are the prominent macroeconomic trends impacting the market growth. The global geopolitical landscape is arguably as strained as it has been since the Cold War. Russia’s war in Ukraine is putting Europe and NATO under immense pressure. US-China relations seem to be at an all-time low, with both economies refusing to back down as tensions escalate.

Regulatory Trends: General Data Protection Regulations (GDPR), California Consumer Privacy Act (CCPA), ransomware regulations, mandatory cyber insurance, mandatory disclosure of cyberattacks, and other national data protection and cybersecurity regulations are the main trends impacting the cyber insurance market growth.

To know more about each cyber insurance market trend, download a free sample report

Cyber Insurance Market Forecasts

The cyber insurance market size was predicted to be $16.7 billion in 2022. Gradual softening of premiums is likely to be coupled with greater demand as more business finances recover from the post-pandemic slump. Improved cybersecurity, lower tendencies to pay ransoms (either legislated or though insurers refusing to reimburse them), war (or nation-state) exclusions, and a more competitive insurance environment over time should all serve to keep a lid on premium increases going forward. This will gradually encourage a greater uptake of policies, in both personal and commercial spaces, leading to a persistently strong market growth at a CAGR of more than 14% during 2022-2027.

Cyber Insurance Market Outlook

Cyber Insurance Market Outlook

The cyber insurance industry analysis also covers-

  • The UK cyber insurance market dynamics
  • Timeline
  • Signals
  • M&A trends
  • Venture financing trends
  • Company filing trends

For more insights on the cyber insurance market forecasts and industry analysis, download a free sample report

Cyber Insurance Market Value Chain

The cyber insurance market value chain components include product development, marketing & distribution, underwriting and risk profiling, claims management, and customer service.

Product Development: The value chain within insurance starts with product development—when a new insurance product is conceptualized. Brokers, insurers, and regulators all play a considerable role in this process. Brokers’ interactions with customers give them unique insights into the needs of consumers. In some cases, these needs may not be met by the available insurance products, and so brokers will likely respond should enough consumers demand this type of cover. Regulators can shape the development of products by simply making them mandatory (as with motor insurance) or by imposing certain restrictions on the specifics of cover. Insurers are ultimately tasked with developing these products.

Cyber Insurance Market Value Chain Analysis

Cyber Insurance Market Value Chain Analysis

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Cyber Insurance Market – Competitive Landscape

The key companies making their mark within the cyber insurance theme are classified into public and private companies.

Public Cyber Insurance Companies: AIG, Aon, AXA, Beazley, Chubb, Fairfax, Marsh & McLennan, Munich Re, Swiss Re, Tokio Marine, Verisk, WTW, and Zurich are some of the leading public cyber insurance companies.

Private Cyber Insurance Companies: At-Bay, CFC, Coalition, CyberCube, Cowbell Cyber, Envelop Risk, and Zeguro are some of the leading private cyber insurance companies.

To know more about the leading cyber insurance companies, download a free sample report

Non-life Insurance Sector Scorecard

The non-life insurance sector scorecard comprises of three screens including a thematic screen, a valuation screen, and a risk screen. Each of these screens ranks the cyber insurance companies on different parameters.

Non-life Insurance Sector Scorecard

Non-life Insurance Sector Scorecard

For more insights on the non-life insurance sector scorecard, download a free sample report

Reasons to Buy

  • Determine market size and key growth opportunities in the global cyber insurance landscape
  • Benchmark yourself against the leaders in the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the market.
  • Be prepared for how regulation will impact the cyber insurance market over the next few years.

Tokio Marine
Swiss Re
Munich Re
Hannover Re
Renaissance Re
Arch Re
Ariel Re
Envelop Risk
Ferian Re
Acrisure Re
Peak Re
Arthur J Gallagher
Alta Signa
Burns & Wilcox
Cowbell Cyber
Elpha Secure
Vodafone Business
ICE Cybersecurity
Perseus Technologies

Table of Contents

  • 1 Executive Summary
  • 2 Players
  • 3 Thematic Briefing

    • 3.1 The cybersecurity and cyberattack landscape

  • 4 Trends

    • 4.1 Technology trends
    • 4.2 Macroeconomic trends
    • 4.3 Regulatory trends

  • 5 Industry Analysis

    • 5.1 Market size and growth forecasts
    • 5.2 The UK cyber insurance market dynamics
    • 5.3 Timeline

  • 6 Signals

    • 6.1 M&A trends
    • 6.2 Venture financing trends
    • 6.3 Company filing trends

  • 7 Value Chain

    • 7.1 Product development
    • 7.2 Marketing and distribution
    • 7.3 Underwriting and risk profiling
    • 7.4 Claims management
    • 7.5 Customer service

  • 6 Companies

    • 6.1 Public companies
    • 6.2 Private companies

  • 7 Sector Scorecards

    • 7.1 Non-life insurance sector scorecard

  • 8 Glossary
  • 9 Further Reading
  • 10 Our Thematic Research Methodology
  • 11 About GlobalData

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