Cyber Insurance Market Opportunities, Market Share & Trends

1
2022
Cyber Insurance Industry Opportunities, Demand,
Trends, Insights by Geography and Growth
Opportunity
2
From 5,573.2 million in 2019, the global cyber
insurance market is expected to grow at a CAGR of
26.3 from 2019 to 2030. According to a report
published by the market research company, PS
Intelligence, the prime factors driving the
market are the growing implementation of
government policies related to cyber security,
speedy digitalization of business operations,
increasing incidences of cyber-attacks, and
enactment of cyber insurance policies for
extenuating risks. The growing frequency of
cybercrimes and increasing awareness of cyber
security are fueling the implementation of cyber
insurance policies. Various industries are
increasingly adopting cyber insurance solutions
as their weapon for fighting against various
cyber risks. Moreover, for reducing the incidence
of cyber attacks the governments of several
countries across the globe are also enacting
policies that mandate the adoption of cyber
security regulations. These policies are strict
and often involve the imposition of heavy fines
for data breaches, thereby leading to a rise in
the demand for cyber security solutions including
cyber insurance.
3
Within the policy segment of the cyber insurance
market, the category of data breach policy was
holding the largest share in 2019. The prevalence
of data breaches has increased massively in
recent years, due to the surging adoption of
cloud computing solutions, digital data, and
workforce mobility. Organizations and customers
generally use the database of enterprises, local
machines, and cloud servers to store data which
sometimes are at risk of data breaches. The
surging awareness about the security that the
data breach policy through cyber insurance offers
is propelling the progress of the
category. Another segmentation of the cyber
insurance market is based on the product type,
under which, the integrated category is expected
to exhibit faster growth in the coming years.
This is attributed due to the surging adoption of
integrated solutions by the small and medium
enterprises (SMEs) used for data coverage, data
replacements, data restoration expenses, and
breach losses. Therefore, with the soaring number
of SMEs, the need for integrated cyber insurance
policies is set to propel rapidly.
4
n the preceding years, North America dominated
the cyber insurance market globally and the major
factor supporting this growth was the existence
of major cyber insurance service providing
organizations namely, Chubb Group Holdings Inc.,
American International Group, and Lockton
Incorporated in the region. Moreover, the
ratification of different policies aiming at the
legal framework related to cyber security is also
one of the major factors propelling the cyber
insurance adoption in the region. Therefore, the
demand for cyber insurance will surge globally in
the coming years due to the rising threats of
cyber-attacks and data breaches and the
implementation of favorable policies by the
governments of several countries.
5

• Market Segmentation by Policy
• Data Breach
• Identity Theft
• Malware Attack
• Phishing
• Email Spoofing
• Others (including Ransomware and Social
  Engineering)
• Market Segmentation by Product Type
• Standalone
• Integrated
• Market Segmentation by Service
• Insurance
• Claims
• Risk Consulting
• Market Segmentation by Enterprise
• Large Enterprises
• Small- and Medium-Sized Enterprises (SMEs)

6

• Europe Cyber Insurance Market
• By policy
• By product type
• By service
• By enterprise
• By end user
• By country U.K., Germany, France, Italy, Spain,
  and Rest of Europe
• Asia-Pacific (APAC) Cyber Insurance Market
• By policy
• By product type
• By service
• By enterprise
• By end user
• By country China, Japan, India, South Korea,
  Australia, and Rest of APAC

7

• Latin America (LATAM) Cyber Insurance Market
• By policy
• By product type
• By service
• By enterprise
• By end user
• By country Brazil, Mexico, and Rest of LATAM
• Middle East and Africa (MEA) Cyber Insurance
  Market
• By policy
• By product type
• By service
• By enterprise
• By end user
• By country Saudi Arabia, U.A.E., Turkey, South
  Africa, and Rest of MEA

8

• This study covers
• 1. Historical and the present size of the Cyber
  Insurance Market
• 2. Historical and the present size of the market
  segments and understand their comparative future
  potential
• 3. Potential of on-demand logistics services, so
  the market players make informed decisions on the
  sales of their offerings
• 4. Competitive scenario of various market
  segments across key countries in several regions
  for uncovering market opportunities for the
  stakeholders
• 5. Major players operating in the market and
  their service offerings

9
Disclaimer PS Intelligence always keeps its
customers interests at the core while carrying
out research activities. PS Intelligence ensures
the reliability and accuracy of information and
data provided in its market research
publications. However, the information in
publications is subject to fluctuations, as it is
based on primary interviews of officials from
various companies or organizations. PS
Intelligence is not responsible for any incorrect
data provided by the key industry players of the
concerned domain. the information or analysis in
PS Intelligence publications represents opinions
based on research and should not be interpreted
as statements of fact. Information in this report
was believed to be correct at the time of
publication, but cannot be guaranteed. PS
Intelligence does not endorse any product,
service, or vendor depicted in its research
publications. All intellectual properties,
including trademarks and copyrights, belong to
their respective owners and may be protected by
copyright. Under no circumstance can these be
reproduced in any form without prior written
agreement of their owners. An order for market
research report is intended for internal use of
the company only and not for disclosure to third
parties or any other publication in general. No
service, report, or part thereof provided by PS
Intelligence can be reproduced, republished,
resold, revealed, distributed, circulated, or
sublicensed in any medium or form now realized or
hereafter become realized, including but not
limited to, all forms of optical-based media,
magnetic, electronic, or digital, without a
written permission from Prescient Strategic
Intelligence Pvt. Ltd.