Cyber Insurance Market

Goals

To understand the cyber insurance market in order to position a cybersecurity assessment product. The following infrmaton is required: cyber insurance market size; curent and forecasted growth rate; major industry players and their offerings; nature of the market (tiered, dynamic, median premium etc); analysis from an insurance perspective; market trends; product trends; types of tools used and their costs.

Early Findings

CYBER INSURANCE MARKET SIZE
  • According to Statista, the United States "personal cyber insurance market" had generated less than $500 million in 2018; however, it is forecasted to reach $3 billion yearly by 2025.
  • Orbis Research predicts that the global cyber security insurance market would reach $17.55 billion in 2023. This translates to a 25.4% CAGR between 2018 and 2023.
  • Orbis Research has identified several major players in the global cyber security insurance market, including XL GROUP LTD, ZURICH INSURANCE Co. LTD, and AMERICAN INTERNATIONAL GROUP, INC.
NATURE OF THE MARKET
  • A 2018 report by Allianz Risk Barometer reveals that cyber risk is the top concern for United States risk managers. This risk has an impact on individuals, small businesses, and Fortune 100 corporations.
ANALYSIS FROM AN INSURANCE PERSPECTIVE
  • There has been a significant development in the US cyber insurance industry as the market generated a premium income of $2 billion in 2018. Also, there was "a cumulative growth of 26% between 2015 and 2018".
MARKET AND PRODUCT TRENDS
  • Currently, the pricing for cyber insurance is competitive. Also, buyers are "getting more for their premiums".
  • The current growth within this market is influenced by "increased awareness and demand". Also, this growth is being driven by the fact that insurers are "excluding cyber protection from traditional business coverages and offering it separately".

PROPRIETARY RESEARCH AVAILABLE

We also found some proprietary research from one of our data partners which may be helpful:
  • Cyber Security: North American Markets (BCC Research, $3,950.00 USD)
  • Global Cybersecurity Insurance Market — Growth, Trends, Forecast (2019-2024) (Mordor Intelligence LLP, $4,250)
If you'd like us to purchase any of these reports on your behalf, just let us know!

Proposed next steps:

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