“Cyber Insurance market to total USD 50.4 billion in 2030” says new Visiongain report

20 January 2020
Cyber

Visiongain has published a new cyber report entitled, Cyber Insurance Market Forecast 2020-2030.

The Cyber Insurance market is estimated to witness a Compound Annual Growth Rate of 21.2 per cent from 2020 to 2030.

Several factors are having a profound, driving effect on the industry, particularly publicity around cyber threats and the introduction of new laws. For example, in the 2019 Cyber Security Breaches Survey, the U.K. government claimed that the General Data Protection Regulation law had compelled many businesses to engage with cyber risks for the first time or strengthen their existing policies.

Visiongain anticipates that global investment and consolidation will be substantial and robust over the next decade. The market’s good health is due to the factors listed above, as well as the presence of many established companies.

The leading players currently supplying cyber insurance include Allianz Group, American International Group, Aon, AXA XL, AXIS Capital, Bajaj Allianz Life Insurance, Beazley, Berkshire Hathaway, Chubb Limited, CAN Insurance, Legal & General Group, Lloyd’s of London, Lockton Companies, Munich Re Group and Zurich Insurance Group.

The senior Cyber Analyst said: "The global Cyber Insurance market is expected to generate sales of USD 7.37 billion in 2020.

"Generally speaking, cyber insurance provides companies or persons with economic security and covers against Internet-based risks. It helps to protect their assets and viability, and, unsurprisingly, costs far less than the price of shutting down business operations.

"In short, cyber insurance bears the liability of severe data breaches and attacks, as well as proving to be a useful risk-mitigation or -prevention tool against any potential losses.

"Visiongain forecasts that over the next decade, the Cyber Insurance market will experience a rapid rise in expenditure. This will be due to the increasing likelihood of high-profile attacks and the publicity that will be generated as a result, and the continued introduction of new laws which will, in theory, raise the floor in cybersecurity and encourage businesses to take necessary action.

"Having said this, there are one or two threats to the future success of the cyber insurance sector, which could slightly restrain its acceleration. The most challenging issues surround the time-consuming claims procedures and lack of standardised policies which have left several grey areas and demands.

"In conclusion, in 2030, the Cyber Insurance market will have surpassed the 50 billion-dollar mark, achieving a total sales figure of USD 50.4 billion."

Note for Editors
If you are interested in a more detailed overview of this report, please send an email to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is a leading business intelligence provider, publishing market reports for the automotive, aviation, chemicals, construction, cyber, defence, electronics, energy, food & drink, IT, maritime, materials, packaging, pharmaceutical, renewable energy, telecoms and utilities sectors.

We are one of the fastest growing and most innovative independent research companies in Europe. Based in London, UK, visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port-of-call for the business professional who needs independent, high-quality, original material to rely and depend on.

Recent News

Visiongain Publishes Cyber Insurance Market Report 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.

10 August 2021

Read

Visiongain Publishes Military Cyber Security Market Report 2021-2031

Some of the major factors fuelling the growth of global market include rising investment in R&D activities, capitalization on emerging technologies such as and artificial intelligence, IoT and combat technologies.

13 July 2021

Read

Visiongain Publishes Top 100 Cyber Security Companies: Ones to Watch in 2021

With rapid increase in cyberattacks and threats, companies are more focused on cybersecurity portfolio. Also, significant funding and investment has been observed since last few years which is likely to positively influence the company’s growth.

28 May 2021

Read

Visiongain Publishes Report Smart Mining Market Report 2021-2031

Mining activities across the world are increasing at a rapid pace owing to the increasing demand for fibers and metals. Further, the increasing concerns or safety at the site, increasing automation, and rising environmental concerns are supplementing the growth of the smart mining market.

12 May 2021

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever