Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
With cyber-attacks becoming the norm these days, even threatening to expand into a global epidemic, cyber-risk insurers across the globe are seeing organizations and end users scramble for protection from possible data and information security disasters.
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North America dominates the cyber insurance market and accounts for around 89% of the overall cyber insurance market in 2016. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.
Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.
The top 3 cyber insurance writers are American International (AIG), Chubb and XL ; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the Cyber Insurance market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
This report also analyses the impact of Coronavirus COVID-19 on the Cyber Insurance industry.
Based on our recent survey, we have several different scenarios about the Cyber Insurance YoY growth rate for 2020. The probable scenario is expected to grow by a xx% in 2020 and the revenue will be xx in 2020 from US$ 5348.9 million in 2019. The market size of Cyber Insurance will reach xx in 2026, with a CAGR of xx% from 2020 to 2026.
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Cyber Insurance market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Cyber Insurance market in terms of revenue.
Players, stakeholders, and other participants in the global Cyber Insurance market will be able to gain the upper hand as they use the report as a powerful resource. For this version of the report, the segmental analysis focuses on revenue and forecast by each application segment in terms of revenue and forecast by each type segment in terms of revenue for the period 2015–2026.
Regional and Country-level Analysis
The report offers an exhaustive geographical analysis of the global Cyber Insurance market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India and Central & South America. It also covers key countries (regions), viz, U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, UAE, etc.
The report includes country-wise and region-wise market size for the period 2015–2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015–2026.
In the competitive analysis section of the report, leading as well as prominent players of the global Cyber Insurance market are broadly studied on the basis of key factors. The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015–2020. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by player for the period 2015–2020.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Cyber Insurance market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Cyber Insurance market.
The following players are covered in this report:
- Zurich Insurance
- Munich Re
- Berkshire Hathaway
- AXIS Insurance
- BCS Insurance
- Liberty Mutual
Cyber Insurance Breakdown Data by Type
- Stand-alone Cyber Insurance
- Packaged Cyber Insurance
Cyber Insurance Breakdown Data by Application
- Financial Institutions
- Retail and Wholesale
- Business Services
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Table of content
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered: Ranking by Cyber Insurance Revenue
1.4 Market Analysis by Type
1.4.1 Global Cyber Insurance Market Size Growth Rate by Type: 2020 VS 2026
1.4.2 Stand-alone Cyber Insurance
1.4.3 Packaged Cyber Insurance
1.5 Market by Application
1.5.1 Global Cyber Insurance Market Share by Application: 2020 VS 2026
1.5.2 Financial Institutions
1.5.3 Retail and Wholesale
1.5.5 Business Services
1.6 Coronavirus Disease 2019 (Covid-19): Cyber Insurance Industry Impact
1.6.1 How the Covid-19 is Affecting the Cyber Insurance Industry
220.127.116.11 Cyber Insurance Business Impact Assessment — Covid-19
18.104.22.168 Supply Chain Challenges
22.214.171.124 COVID-19?s Impact On Crude Oil and Refined Products
1.6.2 Market Trends and Cyber Insurance Potential Opportunities in the COVID-19 Landscape
1.6.3 Measures / Proposal against Covid-19
126.96.36.199 Government Measures to Combat Covid-19 Impact
188.8.131.52 Proposal for Cyber Insurance Players to Combat Covid-19 Impact
1.7 Study Objectives
1.8 Years Considered
2 Global Growth Trends by Regions
2.1 Cyber Insurance Market Perspective (2015–2026)
2.2 Cyber Insurance Growth Trends by Regions
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