Cyber insurance market projected to reach $97.3 billion by 2032 due to increasing cyber threats
From GlobeNewswire: 2024-12-08 09:00:00
The Cyber Insurance Market was valued at USD 15.3 billion in 2023 and is projected to reach USD 97.3 billion by 2032, with a CAGR of 22.8%. The increasing complexity of cyberattacks, regulatory requirements like GDPR, and sector-specific coverages are driving market growth. AI and IoT adoption are also contributing to the market expansion.
Leading players in the Cyber Insurance Market include Allianz, AIG, Aon, AXA, Berkshire Hathaway, Lloyd’s of London, and more. These companies offer various cyber insurance products to meet the growing demand for cybersecurity solutions in the digital age.
First-party coverage holds a market share of around 56%, while liability/third-party coverage is expected to be the fastest-growing segment. First-party insurance provides financial assistance to businesses affected by data breaches, while liability insurance protects enterprises from network protection failures and covers losses due to business interruption.
North America dominates the Cyber Insurance Market due to the increasing number of cyberattacks and regulatory standards like GDPR. The U.S. leads in market share by implementing measures to mitigate financial losses from cyber incidents. APAC is expected to experience the highest CAGR during the forecast period as digital transformation in sectors like healthcare and finance continues to drive market growth. The Asia-Pacific cyber insurance market is growing due to digitalization, cybersecurity awareness, and rising cyber threats from countries like India and China. Businesses are increasingly adopting cyber insurance in response to data protection regulations and the surge in cybercrime. The market will expand as more SMEs recognize the importance of cyber insurance.
Zurich Insurance launches a new cyber insurance policy for SMEs covering ransomware attacks, data breaches, and business interruption. AIG expands its cyber insurance offerings to include cybercrime and business interruption coverage, addressing the growing complexity of global cyber risks faced by businesses.
The cyber insurance market analysis report covers key points like market dynamics, statistical insights, competitive landscape, and regional analysis. The report offers detailed segmentation by insurance type, coverage type, enterprise size, and end-user. For more information or customization, contact [email protected] or visit the link provided.
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