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Global Cyber (Liability) Insurance Industry
New Study On “Global Cyber (Liability) Insurance Market Trends and Forecast 2025” Added to Wise Guy Reports Database
According to the report on Global Cyber (Liability) Insurance Market, the market size of Cyber Insurance is foreseen to reach 14 billion USD by the end of 2022 and it may cross the figure which was in 2017. It is growing at a CAGR of 28% over the forecast period, i.e., from 2016 to 2022. The cyber insurance industry market is growing owing to the increase in demand for policies of cyber insurance.
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The research study on Global Cyber (Liability) Insurance Market illustrates that an improvement in cyber risk awareness among outstanding executives and elevated cyber-related losses improve the market. Furthermore, legislation implementation related to data security in developing countries is also capable of driving the market. As an outcome, the insurance as well as reinsurance providers of the industry of cyber insurance have put up with this opportunity for ensuring high margins, though, complex and uncertain nature of cyber risks restricts market growth of cyber insurance.
The report further highlights that its growth acts as an indicator to the increase in cyber-attacks like communal cyber-attack on provincial energy distribution corporations in Ukraine, breach of the White House’s unclassified network, system breach of the health insurer Anthem Inc., and massive customer data infringement faced by Twitter and LinkedIn. Such incidents have unfavorable effects on businesses, and companies have incurred huge losses owing to the same. The levels of C-suite have foreseen that the market is anticipated to grow at the two-digit figure, and a considerable eruption in demand for cyber insurance policies is also indicated.
Global Cyber (Liability) Insurance Market Size, Status, and Forecast 2018-2025: Segmental Analysis
The Global Cyber (Liability) Insurance Market report analyzes the global market trends of cyber insurance, it is segmented on the basis of industry vertical, Application, Type, company size, and geography. Market segmentation based on Product Type covers Property Security Insurance and Information Security Insurance. The segmentation of the market based on Application includes various industry verticals, which further include retail, healthcare, information technology & services, financial services, and others like energy, utilities, government, education, manufacturing, transportation, and construction. Cyber (Liability) Insurance market segmentation based on Regions or Countries comprises the United States, India, Japan, Europe, Southeast Asia, China, and Central & South America.
Global Cyber (Liability) Insurance Market Size, Status, and Forecast 2018-2025: Regional Analysis
The Worldwide Cyber (Liability) Insurance Market report demonstrates that the market of cyber insurance in Asia-Pacific is in its developing stage, development in cyber risk awareness, as well as the implementation of data breach legislation, helps in driving the market in Asia-Pacific region. Australia and South Korea have already initiated these regulations whereas other countries like India, China, Indonesia, and Malaysia are presently designing corresponding bills. This is anticipated to result in an addition to the demand for policies of cyber liability insurance. The market size of cyber insurance is analyzed in four geographical regions, such as North America, it includes U.S. and remaining North America; Europe, it includes Germany, UK, and remaining Europe; Asia-Pacific, it includes Singapore, Australia, South Korea, Japan, and remaining Asia-Pacific; and LAMEA, includes Latin America, Middle East, and Africa.
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