Cyber Insurance – Thematic Intelligence
All the vital news, analysis, and commentary curated by our industry experts.
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|
|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|
For more insights on the cyber insurance market insights, download a free sample report
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
The cyber insurance industry analysis also covers-
- The UK cyber insurance market dynamics
- 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
For more insights on the cyber insurance market value chain components, download a free sample report
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
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.
Arthur J Gallagher
Burns & Wilcox
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
Frequently asked questions
What was the cyber insurance market size in 2022?
The cyber insurance market size was valued at $16.7 billion in 2022.
What will be the cyber insurance market growth rate during 2022-2027?
The cyber insurance market will grow at a CAGR of more than 14% during 2022-2027
Which are the key cyber insurance market trends?
The key cyber insurance market trends are technology, macroeconomic, and regulatory trends.
Who are the leading cyber insurance market players?
AIG, Aon, AXA, Beazley, Chubb, Fairfax, Marsh & McLennan, Munich Re, Swiss Re, Tokio Marine, Verisk, WTW, and Zurich are the leading public cyber insurance market players.
What are the main cyber insurance market components?
Product development, marketing & distribution, underwriting and risk profiling, claims management, and customer service are the main cyber insurance market components.
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