Cyber Security Insurance Market, By Insurance Type, By Coverage Type, By Enterprise Size, By End user, By Geography

Description

The Cybersecurity Insurance Market is estimated to be valued at US$ 16.06 Bn in 2024 and is expected to reach US$ 58.68 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 20.3% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	US$ 16.06 Bn
Historical Data for:	2019 To 2023	Forecast Period:	2024 To 2031
Forecast Period 2024 to 2031 CAGR:	20.30%	2031 Value Projection:	US$ 58.68 Bn

Figure 1.Cyber Security Insurance Market Share (%), By Region, 2024

The rapid rise in cyber threats has posed significant challenges for businesses globally. As cyberattacks continue to grow in frequency and scale, organizations are allocating greater resources to strengthen their security posture and protect against financial and reputational risks. This has boosted demand for cybersecurity insurance which helps businesses transfer some risks to insurers. Cybersecurity insurance provides coverage for costs associated with data breaches, network disruptions, ransomware attacks, and litigation arising from privacy law violations. It assists organizations in managing risks, containing impacts, and ensuring business continuity in the wake of a cyberattack.

Market Dynamics:

Growing instances of sophisticated cyberattacks targeting sensitive data and critical infrastructure is a key driver propelling the cybersecurity insurance market. According to reports, cybercrime costs are projected to surpass US$ 10 trillion annually by 2025. Insurers are recognizing this threat and leveraging their expertise to assist businesses. However, the lack of standardized policy definitions and accurately assessing emerging risks pose challenges for underwriting practices. Insurers are investing in expert teams to stay abreast of the evolving threat landscape. Meanwhile, increasing government mandates for data protection are creating demand for compliant policies. This is an opportunity for insurers to innovate covers catering to industry specific requirements.

Key features of the study:

This report provides in-depth analysis of the global cybersecurity insurance market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global cybersecurity insurance market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include BitSight, Prevalent, RedSeal, SecurityScorecard, Cyber Indemnity Solutions, Allianz, AIG, Aon, Arthur J. Gallagher & Co, Travelers Insurance, AXA XL, Axis, Chubb, Travelers Indemnity Company, American International Group, Inc., Beazley Group, CNA Financial Corporation, AXIS Capital Holdings Limited, BCS Financial Corporation, Zurich Insurance, and The Hanover Insurance, Inc.
The global cybersecurity insurance market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cybersecurity insurance market.

Market Segmentation

By Insurance Type
- Standalone
- Tailored
By Coverage Type
- First-party
- Liability Coverage
By Enterprise Size
- SMEs
- Large Enterprise
By End user
- Healthcare
- Retail
- BFSI
- IT & Telecom
- Manufacturing
- Others (Government, Travel & Tourism)
By Regional
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Players Insights
- BitSight
- Prevalent
- RedSeal
- SecurityScorecard
- Cyber Indemnity Solutions
- Allianz
- AIG
- Aon
- Arthur J. Gallagher & Co
- Travelers Insurance
- AXA XL
- Axis
- Chubb
- Travelers Indemnity Company
- American International Group, Inc.
- Beazley Group
- CNA Financial Corporation
- AXIS Capital Holdings Limited
- BCS Financial Corporation
- Zurich Insurance
- The Hanover Insurance, Inc.

Product Code: CMI5068

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snippet, By Insurance Type
- Market Snippet, By Coverage Type
- Market Snippet, By Enterprise Size
- Market Snippet, By End user
- Market Snippet, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- Opportunities
Regulatory Scenario
Industry Trend
Merger and Acquisitions
New system Launch/Approvals
Impact of the COVID-19 Pandemic

4. Global Cybersecurity Insurance Market, By Insurance Type, 2019-2031 (US$ Billion)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
Standalone
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
Tailored
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)

5. Global Cybersecurity Insurance Market, By Coverage Type, 2019-2031 (US$ Billion)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
First-party
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
Liability Coverage
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)

6. Global Cybersecurity Insurance Market, By Enterprise Size, 2019-2031 (US$ Billion)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
SMEs
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
Large Enterprise
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)

7. Global Cybersecurity Insurance Market, By End user, 2019-2031 (US$ Billion)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
Healthcare
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
Retail
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
BFSI
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
IT & Telecom
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
Manufacturing
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)
Others (Government, Travel & Tourism)
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Billion)

8. Global Cybersecurity Insurance Market, By Region, 2019-2031 (US$ Billion)

Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
North America
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
U.S.
Canada
Europe
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
U.K.
Germany
Italy
France
Russia
Rest of Europe
Asia Pacific
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
China
India
ASEAN
Australia
South Korea
Japan
Rest of Asia Pacific
Latin America
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
Brazil
Argentina
Mexico
Rest of Latin America
Middle East and Africa
- Regional Trends
- Market Size and Forecast, By Insurance Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Coverage Type, 2019-2031 (US$ Billion)
- Market Size and Forecast, By Enterprise Size, 2019-2031 (US$ Billion)
- Market Size and Forecast, By End user, 2019-2031 (US$ Billion)
- Market Share Analysis, By Country, 2019 and 2031 (%)
GCC Countries
South Africa
Rest of the Middle East and Africa

9. Competitive Landscape

Company Profiles
- BitSight
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments/Updates
- Prevalent
- RedSeal
- SecurityScorecard
- Cyber Indemnity Solutions
- Allianz
- AIG
- Aon
- Arthur J. Gallagher & Co
- Travelers Insurance
- AXA XL
- Axis
- Chubb
- Travelers Indemnity Company
- American International Group, Inc.
- Beazley Group
- CNA Financial Corporation
- AXIS Capital Holdings Limited
- BCS Financial Corporation
- Zurich Insurance
- The Hanover Insurance, Inc.

10. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

11. Research Methodology

References
Research Methodology
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