Cyber Insurance Market Trends, Share, Size, Growth 2023-2028

Cyber Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3826

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Market Overview 2023-2028:

The global cyber insurance market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 22.39% during 2023-2028.

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.

Cyber Insurance Market Trends:

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.

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 at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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 Group, American International Group Inc., AON Plc, AXA XL, Berkshire Hathaway Inc., Chubb Limited (ACE Limited), Lockton Companies Inc., Munich ReGroup or Munich Reinsurance Company, Lloyd's of London and Zurich Insurance Company Limited.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
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 Group, American International Group Inc., AON Plc, AXA XL, Berkshire Hathaway Inc., Chubb Limited (ACE Limited), Lockton Companies Inc., Munich ReGroup or Munich Reinsurance Company, Lloyd's of London and Zurich Insurance Company Limited
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 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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