The Cyber Insurance market size is expected to grow from US$ 13.83 billion in 2023 to US$ 55.48 billion by 2031; it is anticipated to expand at a CAGR of 18.9% from 2023 to 2031. Cyber insurance, also known as cyber liability insurance or cybersecurity insurance, is a contract that an organization can purchase to assist in decreasing the financial risks involved with conducting business online. In exchange for a monthly or quarterly charge, the insurance policy transfers some of the risk to the insurer.
The Cyber Insurance market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Cyber insurance is becoming increasingly important for all businesses as the threat of cyberattacks on applications, devices, networks, and users escalates. That is because data compromise, loss, or theft can have a substantial impact on a business, ranging from customer loss to reputational and economic damage. Enterprises may also be held accountable for damages caused by the loss or theft of third-party data. A cyber insurance policy can protect the organization from cyber events, such as cyber terrorism, and assist with the resolution of security incidents. For instance, according to a 2024 report by ASTRA IT, Inc., Cybersecurity statistics show that there are 2,200 cyber attacks every day, with one occurring every 39 seconds on average. In the United States, a data breach costs an average of US$ 9.44 million, with cybercrime costs reaching up to US$ 8 trillion in 2023.
The scope of the cyber insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant cyber insurance market share. This supremacy is due to the region's superior technological infrastructure, the presence of big multinational firms, and increased awareness of cyber risks.
The regional trends and factors influencing the Cyber Insurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cyber Insurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 13.83 Billion |
| Market Size by 2031 | US$ 55.48 Billion |
| Global CAGR (2023 - 2031) | 18.9% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cyber Insurance Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cyber Insurance Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Cyber Insurance Market Analysis" was carried out based on core investment strategies and geography. In terms of type, the market is segmented into standalone and packaged. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Cyber Insurance market. A few recent key market developments are listed below:
[Source: Munich Re, Company Website]
The market report "Cyber Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
The List of Companies
The use of AI and data analytics is impacting Cyber Insurance, which is anticipated to bring new Cyber Insurance market trends in the coming years.
The key players holding majority shares in the global Cyber Insurance market are AXA XL, Hiscox, Munich Re, Chubb, and AIG.
The rising prevalence of cyber-attacks, increased awareness of cyber risks, and the growing need for companies to protect sensitive data are the major factors that propel the global cyber insurance market growth.
The global Cyber Insurance market is expected to reach US$ 55.48 billion by 2031.
The global Cyber Insurance market was estimated to be US$ 13.83 billion in 2023 and is expected to grow at a CAGR of 18.9% during the forecast period 2023 - 2031.