According to a new market report published by BlueWeave Consulting, the Global Cyber Security Insurance Market was valued at US$ 4,222.3 Mn in 2017 and is expected to expand at a CAGR of 25.3% from 2018 to 2026, reaching US$ 32,543.6 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the cyber security insurance market in 2017.
North America accounts for more than 80% of market share in 2018
Geographically, the global cyber security insurance market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The Asia Pacific is the most promising markets for cyber security insurance market and is slated to offer players a host of opportunities in the coming years. In the Indian market, the high demand for cyber insurance policies is due to the telecom revolution. Moreover, increase digitization of the economy further boosts the demand. Latin America is experiencing significantly more data breaches and with that, increased sales of cyber insurance. Norton Security has reported cybercrime cost Brazil roughly US$8 billion and Mexico US$3 billion in 2015. Cyber security insurance coverage is still in its at beginning stage in Latin America.
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Major industry players in cyber security insurance market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development.
In June 2017, Zurich Brasila, subsidiary of Zurich Insurance Group, has launched insurance coverage for cyber-related risks, amid the fast-growing use of internet among companies and individuals. The company will offers protection in nations more exposed to cyber-attacks, such as the US, the UK and China, will now offer this product in Brazil due to increasing demand.
In June 2014, the UK Government launched a joint initiative with some major British insurers to increase the level of IT security in UK companies called the “Cyber Essentials Scheme”, it is based on certificates and will ensure that certified organizations have a certain amount of security measures in place. Cyber Essentials has been developed in close consultation with the insurance industry and is backed by AIG, Marsh, Swiss Re, the British Insurance Brokers’ Association (BIBA) and the International Underwriting Association (IUA).
The global cyber security insurance market includes key players such as XL Group Ltd., American International Group Inc., Zurich Insurance Co. Ltd, AON PLC, Allianz Global Corporate & Specialty, Munich Re Group, Chubb, HSB, BCS financial corporation, Marsh & McLennan Companies, Inc., Markel Corp, Traveler’s group, Hiscox, Beazely Insurance group and others.
The Cyber Security Insurance Market Has Been Segmented As Below:
Market Segmentation: Global Cyber Security Insurance Market
By Service Type
- Risk management
- Forefront Portfolio
- Third Party liability
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry Vertical
- Banking, Financials
- Telecom and IT
- Travel and hospitality
In Addition, The Report Provides Analysis Of The Cyber Security Insurance Market With Respect To The Following Geographic Segments:
- North America
- The U.S.
- Rest of North America
- The Netherlands
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa (MEA)
- Latin America
- Rest of Latin America
Table Of Content:
- Executive Summary
- Market Overview
- Global Cyber Security Insurance Market Analysis and Forecast, By Service Type
- Global Cyber Security Insurance Market Analysis and Forecast, By Enterprise Size
- Global Cyber Security Insurance Market Analysis and Forecast, By Industry Vertical
- Global Cyber Security Insurance Market Analysis and Forecast, by Region
- North America Cyber Security Insurance Market Analysis and Forecast
- Europe Cyber Security Insurance Market Analysis and Forecast
- Asia Pacific Cyber Security Insurance Market Analysis and Forecast
- Middle East and Africa (MEA) Cyber Security Insurance Market Analysis and Forecast
- Latin America Cyber Security Insurance Market Analysis and Forecast
- Competition Analysis
- Research Methodology
Detailed Analysis of Table of Contents @ https://www.blueweaveconsulting.com/cyber-security-insurances/#1536301857979-e3fc3c18-41a6
About BlueWeave Consulting & Research Pvt. Ltd.
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