According to the new market research report by IndustryARC titled “Cyber Insurance Market By Organization Size (Small and Medium Enterprises (SMES), Large Enterprises), By Types of Coverage (First-Party and Third-Party), By Industry Vertical (Healthcare, Transportation, Retail, Information Technology and Services, Financial Services, Power Generation, Infrastructure and Others) & Geography – Forecast (2018 – 2023)” the market will be driven by the growing awareness against cyber risks and cyber-attacks in many organisations.
North America Dominates the Cyber Insurance Market
North America will dominate the Cyber Insurance Market during the forecast period. The mandatory legislation regarding the cyber security in many US states has led to the emergence of cyber coverage. The cyber insurance industry in the US has become mature. Asia Pacific is expected to show a significant growth during the forecast period due to the increase in ransomware attacks. Australia is also expected to show a similar growth due to the rise in the usage of cloud computing technology and the use of mobile devices that have increased the demand for data protection.
Selected Regulatory Analysis Done in the Full Report:
The Banking Financial Services and Insurance(BFSI) has the largest growth in the Cyber Insurance Market as these companies are prone to cyber-attacks. The retail and manufacturing industries will have the fastest growth during the forecast period due to more cyber challenges in the industry such as digital supply chain management and online operations.
Selected Driving Factors Mentioned in the Full Report
- Growing cyber-attacks in many organisations will enhance the demand for the cyber security insurance.
- Increase in the levels of liability and legislative developments propel the growth of cyber insurance risk assessment.
- Growth of the healthcare industry drives the demand for cyber liability insurance policies.
- Growth of banking financial services and insurance will drive the growth of the cyber insurance market.
- Mandatory legalizations about cyber security spurs the demand for cyber insurance.
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Key Players of the Cyber Insurance Market
The key players of the cyber insurance market include American International Group, Chubb Limited, XL Group Ltd, and AXIS Capital Holdings Ltd. American International Group has recently announced the launching of Cyber Edge Plus, a policy that provides clients with primary insurance protection against cyber risks. Chubb Limited provides services to protect business from cyber risks. It covers data loss and restoration. XL Group Ltd has launched cyber risks insurance solutions to serve mid and large sized companies across various industries. AXIS Capital Holdings partners with organisations across all the sectors in validating assumptions and targeting growth in areas where risks are being investigated.
The Cyber Insurance Market is Segmented as Indicated Below:
Growing interest and awareness about cyber insurance will propel the growth of the Cyber Insurance Market.
- Cyber Insurance Market By Organisation Site
- Small and Medium Enterprises (SMES)
- Large Enterprises
- Cyber Insurance Market By Type of Coverage
- First-Party Coverage
- Crisis Management
- Cyber Extortion
- Data Asset Protection
- Network Business Interruption
- Third-Party Coverage
- Network Security Liability
- Privacy Liability
- Cyber Insurance Market By Industry Vertical
- Financial Services
- Information Technology and Services
- Power Generation
- Cyber Insurance Market By Geography (17+ countries)
- Cyber Insurance Market Market Entropy
- Company Profiles
- American International Group
- Chubb Limited
- XL Group Ltd
- AXIS Capital Holdings Ltd.
- Beazley Insurance Co.
- Travelers Companies Inc.
- CNA Financial Corp.
- Allied World Assurance Co.
- Liberty Mutual Group
- BCS Insurance Company
More than 10 companies are profiled in this report
Appendix: Abbreviations, Sources, Research Methodology, Bibliography, Compilation of Experts, Disclaimer.
What can you expect from the report?
The Cyber Insurance Market Report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories
2. Market Trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End User Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis (By Revenue & Volume)
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis
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