Cyber Insurance Industry Expected to Expand at 12% CAGR, Valued at US$ 40 Billion by 2033

According to a new study conducted by experienced analysts at Fact.MR, a provider of market research and competitive intelligence, the global cyber insurance market is expected to grow at a robust CAGR of 12%, reaching a valuation of US$ 40 billion by the end of 2033.

Cyber insurance is designed to help organizations manage the consequences of cybersecurity breaches and related incidents. This insurance covers both first-party provisions and third-party liability claims, aiming to mitigate the financial impact of recovery from cyber losses. It typically includes compensation for losses due to network security breaches, privacy breaches, legal defense against lawsuits related to data breaches, and other associated costs.

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Key Segments of Cyber Insurance Industry Research Report

By Component: Solutions, Services
By Type: First-party Coverage, Third-party Coverage
By Company Size: Large Enterprises, SMEs
By Industry Vertical: Retail & e-Commerce, BFSI, IT & Telecom, Healthcare, Manufacturing, Government & Public Sector
By Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa

The intensity and frequency of cyber-attacks have been increasing, posing significant threats to individuals, businesses, and nations. This has driven the growing adoption of cyber insurance solutions. Cyber-attacks can lead to reduced customer bases, operational disruptions, regulatory fines, legal penalties, attorney fees, loss of intellectual property, and reputational damage for businesses.

The surge in cyber-attacks and their extensive consequences on public safety, economic stability, and government cybersecurity has significantly expanded the cyber insurance market. Additionally, the increased awareness of cyber risks associated with business interruptions and the proliferation of mandatory data security regulations in various sectors, such as banking and healthcare, have been key drivers of this market growth.

Regional Analysis
North America dominate market with a 43% of the global cyber insurance market share in 2023. The region is predicted to control a large portion of the market during the forecast. The growing frequency of cyberattacks and the significant risk of data loss are likely to be blamed for the region’s need for cybersecurity insurance.

The United States is anticipated to undergo rapid development as a result of the country’s strict cybersecurity regulations and tight government supervision. Additionally, its expansion is predicted to be supported by the nation’s significant presence of prominent cyber insurance companies.

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Market Competition

The cybersecurity insurance market is relatively concentrated, with key players offering advanced technology and fostering growth through established distribution networks. To stay competitive, these technology leaders are investing in innovations, mergers, acquisitions, and collaboration activities.

In November 2022, Agilicus, a cybersecurity firm, partnered with Ridge Canada Cyber Solutions Inc. (RCCS), a leading managing general insurance agency, to help Canadian small and medium-sized businesses (SMBs) meet cybersecurity insurance requirements and obtain coverage.

Key Companies Profiled

• Lockton Companies, Inc.
• Lloyd’s of London Ltd.
• Munich Re
• Allianz
• Zurich
• Berkshire Hathaway Inc.
• Aon PLC
• American International Group, Inc.