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The global cyber insurance market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 23% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Cyber insurance protects businesses against digital threats, such as data breaches, malicious hacks, distributed denial-of-service (DDoS), malware, and ransomware. It also offers financial coverage for sensitive customer information, including health records and social security, credit card, account, and driver's license numbers. It notifies customers about cybersecurity incidents, restores their identities, recovers compromised data, and repairs damaged computer systems. Nowadays, several insurers worldwide are offering personalized plans depending on business requirements. These plans cover legal fees and expenses for physical damage and income loss.
The rising use of electronic devices for storing data is making organizations more vulnerable to cyber-attacks and data breaches. This represents one of the prime factors influencing the demand for cyber insurance to recover the costs, resume core operations, and stabilize the company. As it also helps businesses safeguard themselves against infringement of networks and sensitive data, cyber insurance is finding application in small and medium-sized enterprises (SMEs). Moreover, various insurers are offering credit monitoring services and identity recovery protection to restore consumer confidence and mitigate specific risks. Apart from this, governing agencies of numerous countries are implementing stringent regulations for enhancing user privacy rights and security. This is anticipated to influence the demand for cyber insurance solutions worldwide. For instance, the California Consumer Privacy Act (CCPA) of 2018 offered individuals in California more control over their personal information, which businesses collect from them.
IMARC Group provides an analysis of the key trends in each sub-segment of the global cyber insurance market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on component, insurance type, organization size and end use industry.
Breakup by Component:
Breakup by Insurance Type:
Breakup by Organization Size:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, American International Group Inc., AON Plc, AXA XL, Berkshire Hathaway Inc., Chubb Limited (ACE Limited), Lockton Companie, Munich Re, Society of Lloyd's and Zurich Insurance Group.
|Base Year of the Analysis||2020|
|Segment Coverage||Component, Insurance Type, Organization Size, End Use Industry, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Allianz SE, American International Group Inc., AON Plc, AXA XL, Berkshire Hathaway Inc., Chubb Limited (ACE Limited), Lockton Companie, Munich Re, Society of Lloyd's and Zurich Insurance Group|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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