Cyber Insurance Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Cyber Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global cyber insurance market exhibited strong growth during 2015-2020. 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. Looking forward, IMARC Group expects the global cyber insurance market to grow at a CAGR of around 23% during the forecast period (2021-2026).

Key Market Segmentation:

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 region, component, insurance type, organization size and end use industry.

Breakup by Component:

Solution
Services

Breakup by Insurance Type:

Packaged
Stand-alone

Breakup by Organization Size:

Small and Medium Enterprises
Large Enterprises

Breakup by End Use Industry:

BFSI
Healthcare
IT and Telecom
Retail
Others

Breakup by Region:

North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

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.

Key Questions Answered in This Report:

How has the global cyber insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cyber insurance market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the insurance type?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cyber insurance market and who are the key players?
What is the degree of competition in the industry?