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Cyber Insurance Market by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Service, by Industry Vertical, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

  • ID: 4451351
  • Report
  • Region: Global
  • 123 pages
  • Prescient & Strategic Intelligence Private Limited
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Global Cyber Insurance Market Size Forecasted to Reach $16,970 Million By 2023, It Will Grow Over 20% CAGR During 2017-2023.

FEATURED COMPANIES

  • Aon Plc
  • Berkshire Hathaway Inc.
  • Chubb Limited
  • Lloyd’s
  • Lockton Companies Inc.
  • Munich Re Group
  • MORE

Cyber Insurance Market by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Service (Insurance, Claim Service, Risk Consulting), by Industry Vertical (BFSI, Healthcare, Retail & Manufacturing, IT Services), by Geography (Americas, Europe, Rest of the World) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

Loss of brand reputation from cyber-attacks has been cited as a primary reason by most of the industry leaders for the mainstream adoption of cyber insurance programs in their operations. Since the persistent threat of cyber-crime continues to rise globally, the trend of intrusion of unauthorized access entities into critical data and illegitimate access to private and confidential business information also rises. This has led to huge loss of enterprise value, which is expected to continue over a period of time. Thus, with this loss getting huge day by day, the adoption of cyber insurance is predicted to escalate in the years to come.

Insights on market segments

The cyber insurance market is categorized on the basis of enterprise size, service, and industry. Large enterprises led the cyber insurance market in terms of size, due to their high purchasing power and the availability of sufficient funds for risk insurance. Since the premiums for cyber insurance are very high, SMEs refrain to buy expensive covers because of their limited budget constrains over cyber risk management.

Among all the industries, banking financial services and insurance (BFSI) had been the largest consumer for cyber insurance market as these companies are more prone to cyber-attacks. The BFSI industry contributed more than 35% of the global market share in 2016. The market will be witnessing the fastest growth in retail and manufacturing industries, during the forecast period, due to numerous cyber challenges and risks present in the industry, such as digital supply chain management and online operations.

Increasing criminalization of the internet accelerating the global market growth

Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups in order to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to an increase in the awareness of and interest in cyber insurance, thereby escalating the growth of cyber insurance market, globally.

The increasing interconnectivity, commercialization, and globalization of cybercrime are driving greater frequency and severity of cyber incidents, including past data breach incidents. This has directly impacted the growth of the cyber insurance market positively. From individual companies to government organizations, an attack by hacker can inflict huge financial loss, corporate embarrassment, and business continuity failure. High profile computer breaches in recent past, such as hack of Democratic National Committee and Twitter, are reinforcing the need for protection and insurance against cyber threats. This had led to increase in the demand for cyber liabilities and sophisticated policy cover by business leaders, to protect the enterprise data from cyber-attacks and cyber criminals.

Americas stands as the largest market

Geographically, Americas has been the largest cyber insurance market, accounting for more than 90% of global revenue in 2016. Whereas, the sales are expected to witness the fastest growth in the rest of the world (RoW) market, during the forecast period. The market growth in RoW will be led by factors such as surge in digitization within the industry, leading to more generation of data and exposure cyber risk, availability of new industry specific insurance packages, and growth in investment in risk premium solutions to deal with budget constraints.

Moderate competition in the industry

The global cyber insurance industry is moderately competitive with players developing new strategies to reach their customers in the most effective and efficient way. Some of the major players operating in this industry are American International Group Inc., Chubb Limited, Zurich Insurance Group AG, XL Group Ltd, Berkshire Hathaway Inc., Allianz Global Corporate & Specialty SE, and Munich Re Group.

Competitors in the cyber insurance market are investing in new product launches to cater to the larger market and expand their offerings globally. For instance, XL Catlin, part of XL Group, in July 2017, announced the launch of its cyber and data protection insurance policy in Asia-Pacific. The new policy designed by the company aims to protect businesses from the threats they face from a malicious network and breach of data.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Aon Plc
  • Berkshire Hathaway Inc.
  • Chubb Limited
  • Lloyd’s
  • Lockton Companies Inc.
  • Munich Re Group
  • MORE
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Enterprise Size
1.3.2 Market Segmentation by Service
1.3.3 Market Segmentation by Industry
1.3.4 Market Segmentation by Geography
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.3.6.1 Value
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Enterprise Size
4.1.1.1 Large enterprise
4.1.1.2 SMEs
4.1.2 By Service
4.1.2.1 Insurance
4.1.2.2 Claim service
4.1.2.3 Risk consulting
4.2 Value Chain Analysis
4.3 Common Cyber Attacks by Region or Country Group
4.4 Market Dynamics
4.4.1 Trends
4.4.1.1 Increase in denial of service attacks
4.4.1.2 Malicious code threatens enterprise security
4.4.2 Drivers
4.4.2.1 Supply chain cyber risk
4.4.2.2 Increasing criminalization of the internet
4.4.2.3 Mandatory legislation regarding cyber security
4.4.2.4 Recent implications of WannaCry cyber attack
4.4.2.5 Impact analysis of drivers on market forecast
4.4.3 Restraints
4.4.3.1 Lack of education in terms of business understanding
4.4.3.2 Continuous evolution of technology
4.4.3.3 Impact analysis of restraints on market forecast
4.4.4 Opportunities
4.4.4.1 Good deals for SMEs
4.4.4.2 Growing demand in Europe and Asia-Pacific
4.5 Sales Dynamics
4.5.1 Purchasing Factors
4.5.2 Drivers
4.5.3 Obstacles in Selling Cyber Coverage
4.6 Internet of Things: New Era of Cyber Insurance
4.7 Porter’s Five Forces Analysis
4.7.1 Bargaining Power of Buyers
4.7.2 Bargaining Power of Suppliers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes
4.7.5 Intensity of Rivalry

Chapter 5. Market Size and Forecast by Enterprise Size

Chapter 6. Market Size and Forecast by Service

Chapter 7. Market Size and Forecast by Industry

Chapter 8. Market Size and Forecast by Geography
8.1 Americas Cyber Insurance Market
8.1.1 By Enterprise Size
8.1.2 By Service
8.1.3 By Industry
8.2 Europe Cyber Insurance Market
8.2.1 By Enterprise Size
8.2.2 By Service
8.2.3 By Industry
8.3 RoW Cyber Insurance Market
8.3.1 By Enterprise Size
8.3.2 By Service
8.3.3 RoW Cyber Insurance Market, by Industry

Chapter 9. Competitive Landscape
9.1 Competitive Analysis of Key Players
9.2 Global Strategic Developments of Key Players

Chapter 10. Company Profiles
10.1 American International Group, Inc.
10.1.1 Business Overview
10.1.2 Product and Service Offerings
10.1.3 Key Financial Summary
10.1.4 Strategic Growth Plans
10.2 Chubb Limited
10.2.1 Business Overview
10.2.2 Product and Service Offerings
10.2.3 Strategic Growth Plans
10.3 Zurich Insurance Group AG
10.3.1 Business Overview
10.3.2 Product and Service Offerings
10.3.3 Strategic Growth Plans
10.4 XL Group Ltd
10.4.1 Business Overview
10.4.2 Product and Service Offerings
10.5 Berkshire Hathaway Inc.
10.5.1 Business Overview
10.5.2 Product and Service Offerings
10.5.3 Strategic Growth Plans
10.6 Allianz Global Corporate & Specialty SE
10.6.1 Business Overview
10.6.2 Product and Service Offerings
10.6.3 Strategic Growth Plans
10.7 Munich Re Group
10.7.1 Business Overview
10.7.2 Product and Service Offerings
10.7.3 Strategic Growth Plans
10.8 Lloyd’s
10.8.1 Business Overview
10.8.2 Product and Service Offerings
10.8.3 Strategic Growth Plans
10.9 Lockton Companies Inc.
10.9.1 Business Overview
10.9.2 Product and Service Offerings
10.9.3 Strategic Growth Plans
10.1 Aon Plc
10.10.1 Business Overview
10.10.2 Product and Service Offerings
10.10.3 Strategic Growth Plans

Chapter 11. Appendix
11.1 Abbreviations
11.2 Related Reports

List of Tables
Table 1 Analysis Period Of The Study
Table 2 Drivers For The Market: Impact Analysis
Table 3 Restraints For The Market: Impact Analysis
Table 4 Global Cyber Insurance Market, By Enterprise Size, $M (213 - 216)
Table 5 Global Cyber Insurance Market, By Enterprise Size, $M (217 - 223)
Table 6 Global Cyber Insurance Market, By Service, $M (213 - 216)
Table 7 Global Cyber Insurance Market, By Service, $M (217 - 223)
Table 8 Global Cyber Insurance Market, By Industry, $M (213 - 216)
Table 9 Global Cyber Insurance Market, By Industry, $M (217 - 223)
Table 10 Americas Cyber Insurance Market, By Enterprise Size, $M (213 - 216)
Table 11 Americas Cyber Insurance Market, By Enterprise Size, $M (217 - 223)
Table 12 Americas Cyber Insurance Market, By Service, $M (213 - 216)
Table 13 Americas Cyber Insurance Market, By Service, $M (217 - 223)
Table 14 Americas Cyber Insurance Market, By Industry, $M (213 - 216)
Table 15 Americas Cyber Insurance Market, By Industry, $M (217 - 223)
Table 16 Europe Cyber Insurance Market, By Enterprise Size, $M (213 - 216)
Table 17 Europe Cyber Insurance Market, By Enterprise Size, $M (217 - 223)
Table 18 Europe Cyber Insurance Market, By Service, $M (213 - 216)
Table 19 Europe Cyber Insurance Market, By Service, $M (217 - 223)
Table 20 Europe Cyber Insurance Market, By Industry, $M (213 - 216)
Table 21 Europe Cyber Insurance Market, By Industry, $M (217 - 223)
Table 22 Row Cyber Insurance Market, By Enterprise Size, $M (213 - 216)
Table 23 Row Cyber Insurance Market, By Enterprise Size, $M (217 - 223)
Table 24 Row Cyber Insurance Market, By Service, $M (213 - 216)
Table 25 Row Cyber Insurance Market, By Service, $M (217 - 223)
Table 26 Row Cyber Insurance Market, By Industry, $M (213 - 216)
Table 27 Row Cyber Insurance Market, By Industry, $M (217 - 223)
Table 28 Competitive Analysis Of Key Players
Table 29 American International Group, Inc. - at a Glance
Table 30 Chubb Limited - at a Glance
Table 31 Zurich Insurance Group Ag - at a Glance
Table 32 Xl Group Ltd - at a Glance
Table 33 Berkshire Hathaway Inc. - at a Glance
Table 34 Allianz Global Corporate & Specialty Se - at a Glance
Table 35 Munich Re Group - at a Glance
Table 36 Lloyd’S - at a Glance
Table 37 Lockton Companies Inc. - at a Glance
Table 38 Aon Plc - at a Glance

List of Figures
Fig 1 Research Scope
Fig 2 Research Methodology
Fig 3 Regional Split Of Primary And Secondary Research
Fig 4 Breakdown Of Primary Research By Region
Fig 5 Breakdown Of Primary Research By Industry Participant
Fig 6 Breakdown Of Primary Research By Company Type
Fig 7 Data Triangulation Approach
Fig 8 Global Cyber Insurance Market Summary
Fig 9 Value Chain Analysis Of Global Cyber Insurance Market
Fig 10 Common Cyber Attacks Faced By Region Or Country Group (216)
Fig 11 Primary Impact Of Cyber Attacks (216)
Fig 12 Rise In Cost Of Global Cyber Attacks During 215 -216
Fig 13 Purchasing Factors Condsidered For Cyber Liability
Fig 14 Major Drivers For Cyber Product Sale
Fig 15 Obstacles In Selling Cyber Coverage
Fig 16 Major Drivers For Adoption Of Iot In Insurance Sector
Fig 17 Transition Of Cyber Insurance From Retroactive To Predictive Through Iot
Fig 18 Porter’S Five Forces Analysis
Fig 19 Global Cyber Insurance Market, By Enterprise Size, $M (213 - 223)
Fig 20 Global Cyber Insurance Market, By Service, $M (213 - 223)
Fig 21 Global Cyber Insurance Market, By Industry, $M (213 - 223)
Fig 22 Americas Cyber Insurance Market Snapshot
Fig 23 Americas Cyber Insurance Market, By Enterprise Size, $M (213 - 223)
Fig 24 Americas Cyber Insurance Market, By Service, $M (213 - 223)
Fig 25 Americas Cyber Insurance Market, By Industry, $M (213 - 223)
Fig 26 Europe Cyber Insurance Market Snapshot
Fig 27 Europe Cyber Insurance Market, By Enterprise Size, $M (213 - 223)
Fig 28 Europe Cyber Insurance Market, By Service, $M (213 - 223)
Fig 29 Europe Cyber Insurance Market, By Industry, $M (213 - 223)
Fig 30 Row Cyber Insurance Market Snapshot
Fig 31 Row Cyber Insurance Market, By Enterprise Size, $M (213 - 223)
Fig 32 Row Cyber Insurance Market, By Service, $M (213 - 223)
Fig 33 Row Cyber Insurance Market, By Industry, $M (213 - 223)
Fig 34 American International Group Revenue Split By Operations And Geography (216)
Note: Product cover images may vary from those shown
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  • Allianz Global Corporate & Specialty SE
  • American International Group, Inc.
  • Aon Plc
  • Berkshire Hathaway Inc.
  • Chubb Limited
  • Lloyd’s
  • Lockton Companies Inc.
  • Munich Re Group
  • XL Group Ltd
  • Zurich Insurance Group AG
Note: Product cover images may vary from those shown
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