The global cybersecurity insurance market is expected to experience significant growth in the coming decade, with sales projected to reach USD 85,707.2 million by 2034. According to recent forecasts, the market is anticipated to rise at a compound annual growth rate (CAGR) of 18.2% between 2024 and 2034. In 2024, the market value is expected to be USD 16,100.6 million, up from USD 13,621.5 million in 2023, representing a year-over-year growth of 18.0%.
Cybersecurity insurance solutions and services provide essential financial protection for companies against the increasing threat of cyberattacks and data breaches. As the frequency and complexity of these attacks continue to rise, industries across the board are recognizing the critical need for cybersecurity insurance to safeguard their operations.
Cybersecurity insurance offers financial security by covering the costs associated with cyberattacks, which can be substantial. These costs may include expenses for credit monitoring services, legal fees, and public relations efforts, as well as the costs of network maintenance, data retrieval, and third-party compensation. By mitigating these financial risks, cybersecurity insurance helps prevent companies from facing financial ruin due to a single cyber incident.
Dive Deeper into the Data—View the Full Report Here!
Rising Cooperation Between Cyber Insurers and Service Providers: A Key Trend in the Cybersecurity Insurance Market
As the global cybersecurity landscape continues to evolve, the collaboration between cyber insurers and managed security service providers (MSSPs) is emerging as a critical trend in the cybersecurity insurance market. This partnership is addressing the growing challenge faced by businesses, especially those with limited resources, in meeting the stringent security requirements demanded by cyber insurance companies.
Cyber insurance providers are increasingly seeking customers who demonstrate robust threat detection capabilities and swift incident response. However, many organizations worldwide are grappling with cybersecurity skills shortages, making it difficult for them to meet these expectations. This gap has led to a surge in partnerships between cyber insurers and MSSPs, who offer comprehensive outsourced security solutions tailored to bridge these deficiencies.
Key Takeaways from the Cybersecurity Insurance Market:
- The global cybersecurity insurance market experienced significant growth with a CAGR of 17.3% during the period between 2019 and 2023.
- The United States is expected to maintain its leadership position in North America, commanding a substantial 72.36% market share through 2034.
- In East Asia, South Korea is projected to achieve a CAGR of 11.2% by 2034, reflecting steady growth in the region.
- China’s cybersecurity insurance market is poised for robust expansion, with an anticipated CAGR of 18.6% between 2024 and 2034.
- India is expected to witness strong growth in its cybersecurity insurance market, with a CAGR of 19.1% during the forecast period, securing a considerable market share in the South Asia & Pacific region through 2034.
Competitive Landscape
Key competitors in the cybersecurity insurance market are investing in advanced technology and forming collaborations. Key cybersecurity insurance companies have also been purchasing smaller players to expand their footprint and penetrate the industry in numerous countries.
Key Players of Cybersecurity Insurance Industry
- American International Group Inc.
- Axis Capital
- Lockton Companies Inc.
- Zurich Insurance Co. Ltd.
- Aon PLC
- Munich RE
- Hiscox
- CNA Financial Corporation
- Allianz
- Berkshire Hathaway
- Liberty Mutual
Recent Industry Developments in Cybersecurity Insurance Market:
- In July 2024, QBE Insurance launched the global cyber insurance policy, QCyberProtect. This policy is designed to provide comprehensive coverage for various cyber risks. These includes privacy liability, reputational loss, network security, and business disruptions.
- In June 2024, insurance company, OneDegree Global and fintech company, Lexasure Financial Group Limited partnered to launch cyber insurance platform for businesses in South and Southeast Asia. The platform enables insurers and their distribution channels to offer a fully digital and seamless customer experience.
- In May 2024, insurance company, Howden launched cyber insurance platform special designed for small and medium enterprises. The platform includes 24/7 assistance and access to advanced data and analytics software, such as Cyberwrite, which provides insights before, during, and after policy inception.
Key Segments of Cybersecurity Insurance Industry
By Component:
In terms of component, the industry is divided into solution and services.
By Enterprise Size:
In terms of enterprise size, the industry is divided into small & medium enterprises and large enterprises.
By Industry:
The industry is classified by industry as retail and e-commerce, IT and telecom, BFSI, healthcare and life sciences, manufacturing, automotive, and others.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East & Africa (MEA) have been covered in the report.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
