Dublin, Oct. 27, 2020 (GLOBE NEWSWIRE) -- The "Cyber Insurance Market by Component (Solutions (Analytics & Cybersecurity) and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Organization Size, End User (Technology & Insurance), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cyber insurance market size in the post-COVID-19 scenario is projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 21.2% during the forecast period.
The market study covers the cyber insurance market size across different segments. It aims at estimating the market size and the growth potential across different segments, including application, service model, security type, organization size, vertical, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
The major factors driving the market include the increasing number of security breaches and cyberattacks resulting in huge financial losses and stringent government regulations towards the adoption of cyber insurance policies.
By insurance coverage, the cyber liability segment expected to hold a larger market size in 2025
Cyber risk insurance or cyber liability insurance coverage helps an organization cover the cost to recover from a data breach, virus, or other cyber-attacks. Cyber liability insurance covers expenses related to first parties and also third-party claims. The cyber insurance policy covers some reimbursable expenses such as investigation, business losses, lawsuits and extortion, and privacy and notification.
The growing sophistication of cyber-attacks and stringent regulatory mandates persuade enterprises to proactively adopt cyber insurance solutions. Cyber liability coverage policies can assist insurers to offer first party and third part cyber coverage to prevent the post effects of a security breach that could result in critical business losses.
Key vendors offering various types of cyber insurance solutions include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others
APAC to register the highest growth rate during the forecast period
Asia Pacific (APAC) comprises of emerging economies, such as Australia and New Zealand, China, Singapore, and Japan, with developed security infrastructure. Machine Learning (ML), Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are emerging methodologies that are being deployed in this region. APAC is home to large number of established Small and Medium-sized Enterprises (SMEs), which are growing at a laudable pace to cater to their large customer base.
SMEs are rapidly adopting cyber insurance solutions to manage their enterprise data. Despite the growing importance of SMEs in this region, they are most affected mostly by cyber and malware attacks owing to budgetary constraints and resource shortages.
Arthur J. Gallagher
Cronus Cyber Technologies
Cyber Indemnity Solutions
Cyence (Acquired by Guidewire Software)
Insurance Providers Profiles
Liberty Mutual Holding
Lloyd's of London
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