10 August 2021
Visiongain has published a new report entitled the Cyber Insurance Market Report 2021-2031: Forecasts by Type (Standalone Insurance, Packaged Insurance), by Cyber Event (Data-Malicious Breach, Unauthorised/Unintentional Disclosure, Physical Damage, Website Disruption, Phishing/Spoofing, Skimming/Tampering), by Coverage(Data Breach, Data Loss, Denial of Service/Down-time, Ransomware Attacks, Other Coverage), by Liability (Data Protection and Cyber Liability, Media Liability, Wrongful Data Collection, Infringement/Defamatory Content, Violation of Notification Obligations, Other Liability), by End-User(Financial Institutions, IT and ITES, Telecom Industry, Energy & Utilities, Media & Entertainment, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Cyber Insurance Companies AND COVID-19 Recovery Scenarios.
The global cyber insurance market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031. Cyber risk is far more than a data breach, as traditional insurance companies are quickly understanding. Hackers and/or system failures can cause physical damage, accidents, and theft, and digital technology has introduced a wide range of unexpected hazards that undermine existing insurance coverage. As a result of this development, cyber insurers have the opportunity to gain market share from established competitors.
How has COVID-19 had a significant negative impact on the Cyber Insurance Market?
Increased dangers and remote work caused by the coronavirus epidemic make numerous organisations more vulnerable to cybercrime assaults. The change in the risk equation will increase cyber insurers' examination of the security arrangements of policyholders. More monitoring could lead to higher insurance premiums or even company denials. Cyber risks potential was heightened by the COVID-19 outbreak. Phishing attempts continue to increase as bad actors are using COVID-related attractions to exploit consumers' anxieties and their quest for pandemic information. Simultaneously, a remote work force might extend the attack surface of the organization utilizing less secure home networks and personal devices. This increases the probability of cyber-crimes being used by people from home to hack their credentials with phishing emails and other severe distress. In addition, insurers are becoming more proactive and inform policyholders to new exposures and network vulnerability that can cause a violation – before the cyber threat becomes devastating and causing significant financial losses.
How this Report Will Benefit you?
Visiongain’s 570+ page report provides 381 tables and 356 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global cyber insurance market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Cyber Insurance. Get the financial analysis of the overall market and different segments including type, coverage, liability, end-user and capture higher market share. We believe that high opportunity remains in this fast-growing cyber insurance market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Reinsurance plays a vital role in in enabling an insurance market to grow
Reinsurance plays a vital role in in enabling an insurance market to grow, particularly if insurers must cope with a new and unrecognized risk such as cyber risk. Global cyber reinsurance market is estimated to be worth $525m. Most insurers (95%) buy proportional quota share reinsurance contracts, which is typical on immature markets, but due to intense competition non-proportional (Excess-of-Loss) structures are emerging. The portion of retained cyber risk in XL contracts varies across insurance companies
Cyber Insurance Sector Is Undergoing Several Waves of Development to Expand from Digital Assets to Encompass Physical Asset
Technology introduces a new set of hazards to both tangible and intangible assets, many of which are not covered by existing insurance policies, leaving businesses of all sizes vulnerable to cyber threats. Cyber insurance, as it has been described in the past, has primarily focused on digital assets such as customer data. Many traditional insurance lines, such as home, property, energy, and aviation, are migrating to cyber insurance by proxy as the magnitude, frequency, and effect of cyber catastrophes grows. interviews with industry experts back up this trend, predicting that the cyber insurance industry will extend from digital assets to include physical assets, as well as other asset classes including reputation, intellectual property, and business disruption, in numerous waves.
Where are the market opportunities?
Moving from risk Indemnification to Holistic Protection
Cyber resilience strategies must be solid and constantly evolving for major corporations and SMEs alike to protect themselves against an ever-changing risk landscape. Insurers, in opinion, now have the chance to provide innovative and distinctive offerings that take a comprehensive approach to their clients' cyber security needs. Insurers may boost the value of their cyber security products by expanding services and mindsets beyond risk indemnification, decreasing the threat of cyber assaults and speeding up the recovery process. They also have a significant chance to differentiate, establish a competitive edge, and develop their business by doing so, while also enhancing consumer connection and engagement.
Transitioning from cyber to intangible asset insurance to cover non-cyber perils
Some market participants believe cyber insurance is inextricably linked to intangible asset insurance in general. As a result, harm to intangible assets with noncyber risks, which is rarely covered by traditional insurance, could be a natural future evolution of cyber insurance. Insurers would need to create new capabilities, have a better grasp of non-cyber hazards, and make use of their crisis management services to compete in this area. This could be a difficult task, but the rewards could be substantial.
The major players operating in the cyber insurance market are Allianz SE Financial Services Company, American International Group, Inc, Aon Insurance Company, Aspen Insurance Holdings Limited, AXA SA, AXIS Capital Holding Limited Company, Beazley PLC, Berkshire Hathaway Inc, Chubb Ltd, CNA Financial Insurance Company, Hartford Insurance Group, Legal & General Financial services, Lloyd’s of London Insurance Company, Lockton Companies, Muenchener Rueckvrschrng Gslchft AG, W. R. Berkley Insurance Group, Zurich Insurance Group , Markel Corporation, Alleghany Corporation, BCS Financial Corporation, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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