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

20 January 2020

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 Enterprise 2.0 Technologies Market Report to 2031

Increasing penetration of smartphones & the Internet and the need among enterprises to boost productivity and are the factors driving the growth of the enterprise 2.0 technologies market. The market seeks growth opportunities from growing adoption of integration of Artificial Intelligence (AI) in enterprise 2.0 tools and increasing focus towards customer engagement.

31 March 2021


Visiongain Publishes Endpoint Security Market Report to 2031

Rising BYOD trend among enterprises and endpoint breaches and attacks are the factors driving the growth of the endpoint security market. The market seeks growth opportunities from increasing demand for securing IT infrastructure in the BFSI industry and the need for centrally managed administration & protection.

31 March 2021


Visiongain Publishes Encryption Software Market Report to 2031

Rising BYOD trend among enterprises, growing concerns related to loss of data, and stringent regulatory compliance are the factors driving the growth of encryption software market. The market seeks growth opportunities from increasing proliferation of cloud technology and the adoption of encryption software across healthcare and BFSI industry verticals.

31 March 2021


Visiongain Publishes Electronic Contract Manufacturing and Design Services Market Report to 2031

High focus towards reducing manufacturing costs and boosting customer services, high focus towards resource optimization, and rising penetration of smartphones and other consumer electronic devices are the factors driving the growth of the electronic contract manufacturing and design services market.

31 March 2021