Developments in Cyberinsurance

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GlobalData’s 'Insight Report: Developments in Cyberinsurance' analyzes the evolution and expansion of cyberinsurance in the global market.

The globalization of value chains, rapid urbanization, continuous financial integration and the internet’s ubiquity have accelerated worldwide economic growth in the past few decades. Unfortunately, these developments have also significantly increased vulnerability to external shocks in the form of cybercrime.

Increasing digitization has allowed cybercriminals to hack important data or disrupt the operational efficiency of various organizations. The growing threat of cyberattacks has positioned cyberinsurance as an important and effective risk-mitigation tool.

Although cyberinsurance does not replace the need for cybersecurity technology, it has the ability to complement cybersecurity standards through mitigating cyber risk.

The report also analyzes regional and industry level developments, and risks pertaining to cyberinsurance. Knowledge of cyber-risk at granular level is critical when underwriting cover suited to business or industry-specific needs.


• This report analyzes the significance of cyberinsurance as a cyber-risk-mitigation tool.

• It analyzes policy gaps and underwriting issues.

• It discusses innovation in cyberinsurance with respect to product development and strategic partnerships

• It provides a snapshot of recent developments in the leading cyberinsurance regions

Key Highlights

• Cyber-risk insurance premiums are relatively high – around three times higher than commercial general liability policies, and six times higher than property insurance, according to a study by Marsh and the UK Government in 2015.

• The final version of General Data Protection Regulation (GDPR) has been adopted and will be enforced by May 25, 2018, following a proposal by the European Commission in 2012.

• According to the annual Ponemon Cost of Data Breach 2016 report, the consolidated average per capita cost for 12 countries – the US, Canada, the UK, Germany, France, Italy, Australia, Japan, the Middle East, Brazil, India and South Africa – was US$158, compared to an average of US$154 in 2015, excluding South Africa.

• Europe has the world’s second-largest regional cyberinsurance market, accounting for around US$150 million in premiums according to broker Marsh & McLennan. Allianz has estimated that the European cyberinsurance market could reach US$1 billion by 2018, as regulation and overall knowledge grow.

• In May 2016, the Hong Kong Monetary Authority (HKMA) announced its Cybersecurity Fortification Initiative (CFI) that establishes a framework for assessing vulnerability to cyber-risks, creates a program for building cybersecurity expertise, and provides a platform for industry sharing of cyberintelligence.

Reasons to Buy

• Build an understanding about the cyberinsurance market from a global perspective

• Develop an insight into market trends and drivers

• Gain an understanding of regulations in particular regions or industries related to cyberinsurance

• Learn about different competitive strategies in the industry

Willis Towers Watson
Allianz Global Corporate & Specialty (AGCS)
RLI Insurance Company
XL Catlin
Chubb Ltd
XL Group Ltd
Ironshore Inc.
Allied World Assurance Co.
Axis Capital Holdings Ltd

Table of Contents

1 Executive Summary

2 Cyberinsurance – Global Overview

2.1 Key Trends

2.2 Opportunities

2.3 Challenges

3 Value Chain Dynamics

3.1 Product Development

3.1.1 Cyberinsurance policy gaps

3.2 Underwriting

3.3 Distribution

3.4 After Sales

4 Competitive Landscape

4.1 The US

4.2 Europe

4.3 Competitive Strategies

4.4 Strategic Partnership Snapshot

5 Cyber-Risks in Specific Industries

5.1 Marine

5.2 Aviation

5.3 Energy

5.4 Healthcare

5.5 Financial Services

5.5.1 Banking

5.5.2 Insurance

6 Dynamics in the Regulatory Domain

7 Outlook

8 Definitions and Methodology

8.1 Definitions

8.2 Methodology

9 About GlobalData

9.1 Contact GlobalData

9.2 About GlobalData

9.3 GlobalData’s Services

9.4 Disclaimer


Table 1: Notable Product Launches, 2016

Table 2: Strategic Partnerships

Table 3: New Aviation Innovations and Associated Risks

Table 4: Cyberattacks in the Healthcare Sector, 2015

Table 5: Industry Specific Laws and Regulations on Data Protection and Privacy in the US

Table 6: Insurance Industry Definitions


Figure 1: Cyberinsurance Developments, Regional Snapshot

Figure 2: Cybersecurity Startups Snapshot (Operating Revenue and Functions), 2016

Figure 3: Approximate Cyberinsurance Premiums Charged in 2015

Figure 4: Growth in Cyberinsurance Premiums

Figure 5: Aggregation of Risk due to Cyberincidents

Figure 6: The Cyberinsurance Value Chain

Figure 7: Cyberinsurance Claims Statistics, 2016

Figure 8: US Cyberinsurance – Market Shares of the Leading Insurers (%), DWP, 2015

Figure 9: Competitive Strategies for Cyberinsurers

Figure 10: Effects of Cyberattacks on the Marine Industry

Figure 11: Possible Risks from New Aviation Technologies

Figure 12: Impacts of Cyber-Risks in Energy Sector

Figure 13: Cyber Attacks on Energy Sector between 2014–2015

Figure 14: Major Cyberattacks on Insurance Companies during 2014–2015

Figure 15: Data Protection and Privacy Laws in Key Countries

Figure 16: Recent Regulatory Developments

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