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."
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