Cyber Insurance Market Size, Share & Trends Analysis Report By Organization (SMB, Large Enterprise), By Application (BFS, Healthcare, IT & Telecom), And Segment Forecasts, 2019 - 2025

Published: Jun, 2019 | Pages: 120 | Publisher: Grand View Research
Industry: ICT | Report Format: Electronic (PDF)

The global cyber insurance market size is expected to reach USD 19.2 billion by 2025, expanding at a CAGR of 25.6% over the forecast period, according to a new report by Grand View Research, Inc. Cyber insurance is anticipated to aid businesses in minimizing losses incurred due to potential threats of cybercrimes such as ransomware, malware, distributed denial-of-service attacks, or other threats, which can severely compromise a network. Cyber insurance covers the liability of a business for breach of data, comprising sensitive customer information such as credit card details, social security numbers, drivers' license numbers, account details, and health records.

Technological advancements have proliferated the use of Internet of Things (IoT), artificial intelligence (AI), robotics, and virtual reality (VR) and augmented reality (AR), thereby positively influencing the use of these technologies at workplaces and homes. However, these developments have created new threat vectors. The insurance industry enables an organization or consumers to minimize cyber risks associated with these emerging threats.

Demand for cyber insurance primarily originated from IT, banking, media, and telecom firms, which are exposed to severe cyberattacks. These firms demand robust cybersecurity structure against malware attacks and loss of confidential information of clients. However, cyberattacks and threats are inevitable as hackers have developed sophisticated ways of targeting different businesses. The types of cyberattacks against businesses are continually evolving and cyber insurance acts as a convenient solution for organizations to receive compensation for financial losses incurred.

Growing awareness of cyberattacks has enabled organizations to understand, address, and diversify their risk strategies. Rising demand for cyber insurance protection coverage in areas beyond retail, healthcare, and financial institutions, such as professional services, is further driving the market. Cyber risk insurance is anticipated to be an alternative way to mitigate damage caused by breach of data. Insurers evaluate the strength of a company's cybersecurity stance before issuing any policy. However, if an organization has not invested in appropriate cybersecurity solutions, then it may not qualify for insurance.

Stringent legislation concerning cybersecurity in several states in the U.S. has led to greater penetration of cyber liability policies. The U.S. cyber insurance market has witnessed exponential growth in the recent past. Presence of key players in the country is further strengthening the domestic market.

Rapid industrialization in developing economies such as China, India, and other South Asian countries is anticipated to drive the Asia Pacific market. This regional market is expected to exhibit the highest CAGR over the forecast period. Rising number of small and medium businesses in the region is anticipated to create a substantial demand for cyber insurance businesses.

Further key findings from the report suggest:

• The global cyber insurance market was valued at USD 4.3 billion in 2018 and is expected to exhibit a CAGR of 25.6% from 2019 to 2025

• The large enterprise segment accounted for dominant share of over 85.0% in 2018. The SMB segment, on the other hand, is anticipated to register the highest CAGR of 15.3% over the forecast period

• The BFSI application segment accounted for a revenue share of over 24.0% in 2018. The healthcare segment is anticipated to expand at the fastest pace over the forecast period

• Key players operating in the market include AON Plc; American International Group, Inc.; Allianz Group; Berkshire Hathaway; and Lockton Companies, Inc.

• The North America market accounted for the largest revenue share of over 76.0% in 2018

 Table of Contents

Chapter 1 Methodology and Scope
                   1.1 Market segmentation and scope
                   1.2 Market definition
                   1.3 Information procurement
                       1.3.1 Purchased database
                       1.3.2 GVR's internal database
                       1.3.3 Secondary sources and third-party perspectives
                       1.3.4 Primary research
                   1.4 Information analysis
                   1.5 Market formulation and data visualization
                   1.6 Data validation and publishing

Chapter 2 Executive Summary
                   2.1. Market Outlook 
                   2.2. Segment Outlook 
                   2.3. Competitive Insights

Chapter 3 Cyber Insurance Variables, Trends, and Scope
                   3.1 Market Lineage Outlook
                       3.1.1 Parent Market Outlook
                   3.2 Cyber Insurance - Penetration and growth prospect mapping
                   3.3 Cyber Insurance - Value chain analysis
                   3.4 Market Dynamics
                       3.4.1 Market driver analysis
                           3.4.1.1 Increasing cyber threats
                           3.4.1.2 Offsetting the cyber risk
                       3.4.2 Market restraint analysis
                           3.4.2.1 Quantifying the risk
                           3.4.2.2 Negligence of the client
                       3.4.3. Industry Challenges
                   3.5 Industry Analysis - Porter's Five Forces Analysis 
                   3.6 Cyber Insurance - Key Company Analysis, 2018
                   3.7 Cyber Insurance - PEST analysis
                   3.8 Major Deals and Strategic Alliances Analysis

Chapter 4 Cyber Insurance Market: Organization Estimates & Trend Analysis
                   4.1 Cyber insurance market: Organization movement analysis
                       4.1.1 SMB Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
                       4.1.2 Large Enterprise Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)

Chapter 5 Cyber Insurance Market: Application Estimates & Trend Analysis
                   5.1 Cyber Insurance market: Application movement analysis
                       5.1.1 BFS Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
                       5.1.2 Healthcare Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
                       5.1.3 IT & Telcom Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
                       5.1.4 Retail Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
                       5.1.5 Others Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)

Chapter 6 Cyber Insurance Market: Regional Estimates & Trend Analysis
                   6.1 Cyber insurance market share by region, 2018 & 2025
                   6.2 North America
                       6.2.1 North America cyber insurance market by organization, 2015 - 2025 (USD BIllion)
                       6.2.2 North America cyber insurance market by application, 2015 - 2025 (USD BIllion)
                       6.2.3 U.S.
                           6.2.3.1 U.S. cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.2.3.2 U.S. cyber insurance market by application, 2015 - 2025 (USD Billion)
                       6.2.4 Canada
                           6.2.4.1Canada cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.2.4.2Canada cyber insurance market by application, 2015 - 2025 (USD Billion)
                   6.3 Europe
                       6.3.1 Europe cyber insurance market by organization, 2015 - 2025 (USD BIllion)
                       6.3.2 Europe cyber insurance market by application, 2015 - 2025 (USD BIllion)
                       6.3.3 Germany
                           6.3.3.1 Germany cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.3.3.2 Germany cyber insurance market by application, 2015 - 2025 (USD Billion)
                       6.3.4 U.K.
                           6.3.4.1 U.K. cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.3.4.2 U.K. cyber insurance market by application, 2015 - 2025 (USD Billion)
                   6.4 Asia Pacific
                       6.4.1 Asia Pacific cyber insurance market by organization, 2015 - 2025 (USD BIllion)
                       6.4.2 Asia Pacific cyber insurance market by application, 2015 - 2025 (USD BIllion)
                       6.4.3 China
                           6.4.3.1 China cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.4.3.2 China cyber insurance market by application, 2015 - 2025 (USD Billion)
                       6.4.4 India
                           6.4.4.1 India cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.4.4.2 India cyber insurance market by application, 2015 - 2025 (USD Billion)
                       6.4.5 Japan
                           6.4.5.1 Japan cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.4.5.2 Japan cyber insurance market by application, 2015 - 2025 (USD Billion)
                   6.5 Latin America
                       6.5.1 Latin America cyber insurance market by organization, 2015 - 2025 (USD BIllion)
                       6.5.2 Latin America cyber insurance market by application, 2015 - 2025 (USD BIllion)
                       6.5.3 Brazil
                           6.5.3.1Brazil cyber insurance market by organization, 2015 - 2025 (USD Billion)
                           6.5.3.2Brazil cyber insurance market by application, 2015 - 2025 (USD Billion)
                   6.6 Middle East and Africa (MEA)
                       6.6.1 MEA cyber insurance market by organization, 2015 - 2025 (USD BIllion)
                       6.6.2 MEA cyber insurance market by application, 2015 - 2025 (USD BIllion)

Chapter 7 Competitive Landscape
                   7.1 Company Profiles
                       7.1.1 AON Plc
                           7.1.1.1 Company overview
                           7.1.1.2 Financial performance
                           7.1.1.3 Product benchmarking
                           7.1.1.4 Strategic initiatives
                       7.1.2 American International Group, Inc.
                           7.1.2.1 Company overview
                           7.1.2.2 Financial performance
                           7.1.2.3 Product benchmarking
                           7.1.2.4 Strategic initiatives
                       7.1.3 Allianz Group
                           7.1.3.1 Company overview
                           7.1.3.2 Financial performance
                           7.1.3.3 Product benchmarking
                           7.1.3.4 Strategic initiatives
                       7.1.4 Berkshire Hathaway
                           7.1.4.1 Company overview
                           7.1.4.2 Financial performance
                           7.1.4.3 Product benchmarking
                           7.1.4.4 Strategic initiatives
                       7.1.5 Lockton Companies, Inc.
                           7.1.5.1 Company overview
                           7.1.5.2 Financial performance
                           7.1.5.3 Product benchmarking
                           7.1.5.4 Strategic initiatives
                       7.1.6 The Chubb Corporation
                           7.1.6.1 Company overview
                           7.1.6.2 Financial performance
                           7.1.6.3 Product benchmarking
                           7.1.6.4 Strategic initiatives
                       7.1.7 Munich Re Group
                           7.1.7.1 Company overview
                           7.1.7.2 Financial performance
                           7.1.7.3 Product benchmarking
                           7.1.7.4 Strategic initiatives
                       7.1.8 XL Group Ltd.
                           7.1.8.1 Company overview
                           7.1.8.2 Financial performance
                           7.1.8.3 Product benchmarking
                           7.1.8.4 Strategic initiatives
                       7.1.9 Zurich Insurance Co. Ltd.
                           7.1.9.1 Company overview
                           7.1.9.2 Financial performance
                           7.1.9.3 Product benchmarking
                           7.1.9.4 Strategic initiatives

List of Tables

TABLE 1 Global cyber insurance market, 2015 - 2025 (USD Billion)
TABLE 2 Global cyber insurance market estimates and forecasts by region, 2015 - 2025 (USD Billion)
TABLE 3 Global cyber insurance market estimates and forecasts by organization, 2015 - 2025 (USD Billion)
TABLE 4 Global cyber insurance market estimates and forecasts by application, 2015 - 2025 (USD Billion)
TABLE 5 Global small and medium business market by region, 2015 - 2025 (USD Billion)
TABLE 6 Global large enterprises market by region, 2015 - 2025 (USD Billion)
TABLE 7 Global cyber insurance application market by region, 2015 - 2025 (USD Billion)
TABLE 8 Global BFS market by region, 2015 - 2025 (USD Billion)
TABLE 9 Global healthcare market by region, 2015 - 2025 (USD Billion)
TABLE 10 Global IT & telecom market by region, 2015 - 2025 (USD Billion)
TABLE 11 Global retail market by region, 2015 - 2025 (USD Billion)
TABLE 12 Global others market by region, 2015 - 2025 (USD Billion)
TABLE 13 North America cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 14 North America cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 15 U.S. cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 16 U.S. cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 17 Canada cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 18 Canada cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 19 Europe cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 20 Europe cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 21 Germany cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 22 Germany cyber insurance market by application,2015 - 2025 (USD Billion)
TABLE 23 U.K. cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 24 U.K. cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 25 Asia Pacific cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 26 Asia Pacific cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 27 China cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 28 China cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 29 India cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 30 India cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 31 Japan cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 32 Japan cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 33 Latin America cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 34 Latin America cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 35 Brazil cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 36 Brazil cyber insurance market by application, 2015 - 2025 (USD Billion)
TABLE 37 Middle East and Africa cyber insurance market by organization, 2015 - 2025 (USD Billion)
TABLE 38 Middle East and Africa cyber insurance market by application, 2015 - 2025 (USD Billion)

List of Figures

FIG. 1 Market snapshot
FIG. 2 Market segmentation
FIG. 3 Cyber insurance - Market size and growth prospects
FIG. 4 Cyber insurance - Value chain analysis
FIG. 5 Market dynamics
FIG. 6 Porter's Five Forces Analysis
FIG. 7 Penetration & growth prospect mapping
FIG. 8 Cyber insurance - PEST analysis
FIG. 9 Cyber insurance market: Organization movement analysis
FIG. 10 Cyber insurance market: Application type movement analysis
FIG. 11 Regional outlook, 2015 & 2025