From Globe Newswire: 2024-06-20 01:00:00

The Global Cyber Insurance Market is projected to grow from USD 15.87 billion in 2023 to USD 130.57 billion by 2033, with a CAGR of 23.46%. Cyber insurance protects against financial threats from cybersecurity risks, including data breaches and hacking. The market is growing due to increasing cyber threats and regulatory pressures.

The solution segment is expected to dominate the global cyber insurance market, offering insurance plans to address the financial impact of cyber threats. Standalone policies are reducing silent exposures for businesses, leading to a shift from packaged to standalone insurance. The BFSI sector is at the highest risk for cyber attacks and data breaches, driving demand for cyber insurance.

North America leads the global cyber insurance market, home to many large companies susceptible to cyber attacks. In Asia Pacific, rapid connectivity growth is fueling demand for cyber insurance, with countries like Japan and Singapore experiencing high cyber attack incidents. Major vendors in the market include Chubb, AIG, Zurich Insurance, and Munich Re Group.

Recent developments include Saiber Innovation Technologies partnering with CYMAR Management Ltd. to address the cyber insurance needs of the maritime sector in the U.A.E. The market is segmented by component, insurance type, end-user, and region, with revenue forecasts up to 2033. Key regions include North America, Europe, Asia Pacific, South America, and the Middle East & Africa.



Read more at Globe Newswire: Global Cyber Insurance Market Size To Worth USD 130.57