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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.
Scope of the Report:
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.
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 Group (AIG), Chubb and XL Group; 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.
The global Cyber Insurance market is valued at 2920 million USD in 2018 and is expected to reach 16700 million USD by the end of 2024, growing at a CAGR of 33.8% between 2019 and 2024.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Cyber Insurance.
Europe also play important roles in global market, with market size of xx million USD in 2019 and will be xx million USD in 2024, with a CAGR of xx%.
This report studies the Cyber Insurance market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Cyber Insurance market by product type and applications/end industries.
Market Segment by Companies, this report covers
AIG
Chubb
XL Group
Beazley
Allianz
Zurich Insurance
Munich Re Group
Berkshire Hathaway
AON
AXIS Insurance
Lockton
CNA
Travelers
BCS Insurance
Liberty Mutual
Market Segment by Regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers
Stand-alone Cyber Insurance
Packaged Cyber Insurance
Market Segment by Applications, can be divided into
Financial Institutions
Retail and Wholesale
Healthcare
Business Services
Manufacturing
Technology
Others
The base year for the study has been considered 2019, historic year 2014 and 2018, the forecast period considered is from 2020 to 2027. The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. These regions are further analyzed at the country-level. The study also includes attractiveness analysis of type, application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
Market is segmented on the basis:
The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews industry offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
Table of Contents
1 Cyber Insurance Market Overview
1.1 Product Overview and Scope of Cyber Insurance
1.2 Classification of Cyber Insurance by Types
1.2.1 Global Cyber Insurance Revenue Comparison by Types (2019-2024)
1.2.2 Global Cyber Insurance Revenue Market Share by Types in 2018
1.2.3 Stand-alone Cyber Insurance
1.2.4 Packaged Cyber Insurance
1.3 Global Cyber Insurance Market by Application
1.3.1 Global Cyber Insurance Market Size and Market Share Comparison by Applications (2014-2024)
1.3.2 Financial Institutions
1.3.3 Retail and Wholesale
1.3.4 Healthcare
1.3.5 Business Services
1.3.6 Manufacturing
1.3.7 Technology
1.3.8 Others
1.4 Global Cyber Insurance Market by Regions
1.4.1 Global Cyber Insurance Market Size (Million USD) Comparison by Regions (2014-2024)
1.4.1 North America (USA, Canada and Mexico) Cyber Insurance Status and Prospect (2014-2024)
1.4.2 Europe (Germany, France, UK, Russia and Italy) Cyber Insurance Status and Prospect (2014-2024)
1.4.3 Asia-Pacific (China, Japan, Korea, India and Southeast Asia) Cyber Insurance Status and Prospect (2014-2024)
1.4.4 South America (Brazil, Argentina, Colombia) Cyber Insurance Status and Prospect (2014-2024)
1.4.5 Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa) Cyber Insurance Status and Prospect (2014-2024)
1.5 Global Market Size of Cyber Insurance (2014-2024)
2 Manufacturers Profiles
2.1 AIG
2.1.1 Business Overview
2.1.2 Cyber Insurance Type and Applications
2.1.2.1 Product A
2.1.2.2 Product B
2.1.3 AIG Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.2 Chubb
2.2.1 Business Overview
2.2.2 Cyber Insurance Type and Applications
2.2.2.1 Product A
2.2.2.2 Product B
2.2.3 Chubb Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.3 XL Group
2.3.1 Business Overview
2.3.2 Cyber Insurance Type and Applications
2.3.2.1 Product A
2.3.2.2 Product B
2.3.3 XL Group Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.4 Beazley
2.4.1 Business Overview
2.4.2 Cyber Insurance Type and Applications
2.4.2.1 Product A
2.4.2.2 Product B
2.4.3 Beazley Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.5 Allianz
2.5.1 Business Overview
2.5.2 Cyber Insurance Type and Applications
2.5.2.1 Product A
2.5.2.2 Product B
2.5.3 Allianz Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.6 Zurich Insurance
2.6.1 Business Overview
2.6.2 Cyber Insurance Type and Applications
2.6.2.1 Product A
2.6.2.2 Product B
2.6.3 Zurich Insurance Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.7 Munich Re Group
2.7.1 Business Overview
2.7.2 Cyber Insurance Type and Applications
2.7.2.1 Product A
2.7.2.2 Product B
2.7.3 Munich Re Group Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.8 Berkshire Hathaway
2.8.1 Business Overview
2.8.2 Cyber Insurance Type and Applications
2.8.2.1 Product A
2.8.2.2 Product B
2.8.3 Berkshire Hathaway Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.9 AON
2.9.1 Business Overview
2.9.2 Cyber Insurance Type and Applications
2.9.2.1 Product A
2.9.2.2 Product B
2.9.3 AON Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.10 AXIS Insurance
2.10.1 Business Overview
2.10.2 Cyber Insurance Type and Applications
2.10.2.1 Product A
2.10.2.2 Product B
2.10.3 AXIS Insurance Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.11 Lockton
2.11.1 Business Overview
2.11.2 Cyber Insurance Type and Applications
2.11.2.1 Product A
2.11.2.2 Product B
2.11.3 Lockton Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.12 CNA
2.12.1 Business Overview
2.12.2 Cyber Insurance Type and Applications
2.12.2.1 Product A
2.12.2.2 Product B
2.12.3 CNA Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.13 Travelers
2.13.1 Business Overview
2.13.2 Cyber Insurance Type and Applications
2.13.2.1 Product A
2.13.2.2 Product B
2.13.3 Travelers Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.14 BCS Insurance
2.14.1 Business Overview
2.14.2 Cyber Insurance Type and Applications
2.14.2.1 Product A
2.14.2.2 Product B
2.14.3 BCS Insurance Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
2.15 Liberty Mutual
2.15.1 Business Overview
2.15.2 Cyber Insurance Type and Applications
2.15.2.1 Product A
2.15.2.2 Product B
2.15.3 Liberty Mutual Cyber Insurance Revenue, Gross Margin and Market Share (2017-2018)
3 Global Cyber Insurance Market Competition, by Players
3.1 Global Cyber Insurance Revenue and Share by Players (2014-2019)
3.2 Market Concentration Rate
3.2.1 Top 5 Cyber Insurance Players Market Share
3.2.2 Top 10 Cyber Insurance Players Market Share
3.3 Market Competition Trend
4 Global Cyber Insurance Market Size by Regions
4.1 Global Cyber Insurance Revenue and Market Share by Regions
4.2 North America Cyber Insurance Revenue and Growth Rate (2014-2019)
4.3 Europe Cyber Insurance Revenue and Growth Rate (2014-2019)
4.4 Asia-Pacific Cyber Insurance Revenue and Growth Rate (2014-2019)
4.5 South America Cyber Insurance Revenue and Growth Rate (2014-2019)
4.6 Middle East and Africa Cyber Insurance Revenue and Growth Rate (2014-2019)
5 North America Cyber Insurance Revenue by Countries
5.1 North America Cyber Insurance Revenue by Countries (2014-2019)
5.2 USA Cyber Insurance Revenue and Growth Rate (2014-2019)
5.3 Canada Cyber Insurance Revenue and Growth Rate (2014-2019)
5.4 Mexico Cyber Insurance Revenue and Growth Rate (2014-2019)
6 Europe Cyber Insurance Revenue by Countries
6.1 Europe Cyber Insurance Revenue by Countries (2014-2019)
6.2 Germany Cyber Insurance Revenue and Growth Rate (2014-2019)
6.3 UK Cyber Insurance Revenue and Growth Rate (2014-2019)
6.4 France Cyber Insurance Revenue and Growth Rate (2014-2019)
6.5 Russia Cyber Insurance Revenue and Growth Rate (2014-2019)
6.6 Italy Cyber Insurance Revenue and Growth Rate (2014-2019)
7 Asia-Pacific Cyber Insurance Revenue by Countries
7.1 Asia-Pacific Cyber Insurance Revenue by Countries (2014-2019)
7.2 China Cyber Insurance Revenue and Growth Rate (2014-2019)
7.3 Japan Cyber Insurance Revenue and Growth Rate (2014-2019)
7.4 Korea Cyber Insurance Revenue and Growth Rate (2014-2019)
7.5 India Cyber Insurance Revenue and Growth Rate (2014-2019)
7.6 Southeast Asia Cyber Insurance Revenue and Growth Rate (2014-2019)
8 South America Cyber Insurance Revenue by Countries
8.1 South America Cyber Insurance Revenue by Countries (2014-2019)
8.2 Brazil Cyber Insurance Revenue and Growth Rate (2014-2019)
8.3 Argentina Cyber Insurance Revenue and Growth Rate (2014-2019)
8.4 Colombia Cyber Insurance Revenue and Growth Rate (2014-2019)
9 Middle East and Africa Revenue Cyber Insurance by Countries
9.1 Middle East and Africa Cyber Insurance Revenue by Countries (2014-2019)
9.2 Saudi Arabia Cyber Insurance Revenue and Growth Rate (2014-2019)
9.3 UAE Cyber Insurance Revenue and Growth Rate (2014-2019)
9.4 Egypt Cyber Insurance Revenue and Growth Rate (2014-2019)
9.5 Nigeria Cyber Insurance Revenue and Growth Rate (2014-2019)
9.6 South Africa Cyber Insurance Revenue and Growth Rate (2014-2019)
10 Global Cyber Insurance Market Segment by Type
10.1 Global Cyber Insurance Revenue and Market Share by Type (2014-2019)
10.2 Global Cyber Insurance Market Forecast by Type (2019-2024)
10.3 Stand-alone Cyber Insurance Revenue Growth Rate (2014-2024)
10.4 Packaged Cyber Insurance Revenue Growth Rate (2014-2024)
11 Global Cyber Insurance Market Segment by Application
11.1 Global Cyber Insurance Revenue Market Share by Application (2014-2019)
11.2 Cyber Insurance Market Forecast by Application (2019-2024)
11.3 Financial Institutions Revenue Growth (2014-2019)
11.4 Retail and Wholesale Revenue Growth (2014-2019)
11.5 Healthcare Revenue Growth (2014-2019)
11.6 Business Services Revenue Growth (2014-2019)
11.7 Manufacturing Revenue Growth (2014-2019)
11.8 Technology Revenue Growth (2014-2019)
11.9 Others Revenue Growth (2014-2019)
12 Global Cyber Insurance Market Size Forecast (2019-2024)
12.1 Global Cyber Insurance Market Size Forecast (2019-2024)
12.2 Global Cyber Insurance Market Forecast by Regions (2019-2024)
12.3 North America Cyber Insurance Revenue Market Forecast (2019-2024)
12.4 Europe Cyber Insurance Revenue Market Forecast (2019-2024)
12.5 Asia-Pacific Cyber Insurance Revenue Market Forecast (2019-2024)
12.6 South America Cyber Insurance Revenue Market Forecast (2019-2024)
12.7 Middle East and Africa Cyber Insurance Revenue Market Forecast (2019-2024)
13 Research Findings and Conclusion
14 Appendix
14.1 Methodology
14.2 Data Source
List of Tables and Figures
Figure Cyber Insurance Picture
Table Product Specifications of Cyber Insurance
Table Global Cyber Insurance and Revenue (Million USD) Market Split by Product Type
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