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Sep 10, 2020 4:41 AM ET

Cyber Security Insurances Market Drives Future Change | XL Group Ltd., American International Group Inc., Zurich Insurance Co. Ltd


iCrowd Newswire - Sep 10, 2020

The ‘ Cyber Security Insurances market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview; Cyber Security Insurances derived key statistics, based on the market status of the manufacturers and is a valuable source of guidance and direction for companies and individuals interested in Cyber Security Insurances market size forecast, Get report to understand the structure of the complete fine points (Including Full TOC, List of Tables & Figures, Chart).

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A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

COVID-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx

Growth In The Cyber Insurance Market

Cyber risks are becoming more prevalent and disruptive, with an increased number of incidents involving data breaches, phishing scams, malware attacks, ransomware threats, and identity theft. Cyber insurance helps protect businesses against losses resulting from cyber-attacks or data breaches. Cyber insurance coverage can include data loss and restoration, extortion, legal fees, and more. Cyber Security Insurance Market insurance increases and improves cyber security with the benefits of good security, and internalizing of the costs of poor security.  There are many benefits that coincide with investing in insurance.

The growth of the US cyber insurance market is due to the introduction of legislation in most states to take appropriate security measures to protect against cyber risks and report serious breaches to national authorities. This led to an increase in demand for cyber insurance products covering personal data breach. The U.S. is the largest market for the cyber security insurance market. The U.S. economy loses US$57 billion-US$109 billion per year due to malicious cyber activity, according to the White House Council of Economic Advisers. European market can be expected grow with the rapid rate over the forecast period, owing to new laws about data security and protection, “EU General Data Protection Regulation (GDPR)”

Cyber challenges in Asia Pacific region, such as low cyber security investments and long dwell times, can be attributed to the complex geopolitical tensions, exposed critical infrastructure, and the severe shortage of cyber security talents in the region. Brazil is undergoing a digital revolution with few parallels in the developing world. The rate of digital penetration and social media adoption has risen exponentially over the past decade. Over 50% of Brazilians are active Internet users, & Brazilian financial institutions were early adopters of online services. Cyber security and online fraud are major concerns, with annual losses reaching billions of dollars.

The global cyber security insurance market was valued at US$ 4,222.3 Mn in 2017 and is expected to expand at a CAGR of 25.3% from 2018 to 2026, reaching US$ 32,543.6 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the cyber securityinsurance market in 2017.

The Risk Management Segment Is Expected To Dominate The Global Cyber Insurance Market.

The global market for cyber security insurance is segmented on the basis of service type, enterprise size, industry vertical and geography. On the basis of service type, the market is segmented into risk management, integrity, forefront portfolio, third party liability, and others. Risk management is expected to account a 26.8% market share in 2018

Healthcare industry is highly affected by cybercrime

On the basis of industry vertical, the market is divided into banking and financial services, telecom and IT, government, healthcare, education, manufacturing, travel and hospitality and others. Financial services, energy and utilities, and telecommunications are among the most investigated industries in APAC, highlighting the need for higher awareness levels, stronger mitigation measures, and improved cyber security postures

North America accounts for more than 80% of market share in 2018

Geographically, the global cyber security insurance market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The Asia Pacific is the most promising markets for cyber security insurance market and is slated to offer players a host of opportunities in the coming years. In the Indian market, the high demand for cyber insurance policies is due to the telecom revolution. Moreover, increase digitization of the economy further boosts the demand. Latin America is experiencing significantly more data breaches and with that, increased sales of cyber insurance. Norton Security has reported cybercrime cost Brazil roughly US$8 billion and Mexico US$3 billion in 2015. Cyber security insurance coverage is still in its at beginning stage in Latin America.

Competitive Dynamics

Major industry players in cyber security insurance market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development.

In June 2017, Zurich Brasila, subsidiary of Zurich Insurance Group, has launched insurance coverage for cyber-related risks, amid the fast-growing use of internet among companies and individuals. The company will offers protection in nations more exposed to cyber-attacks, such as the US, the UK and China, will now offer this product in Brazil due to increasing demand.

In June 2014, the UK Government launched a joint initiative with some major British insurers to increase the level of IT security in UK companies called the “Cyber Essentials Scheme”, it is based on certificates and will ensure that certified organizations have a certain amount of security measures in place. Cyber Essentials has been developed in close consultation with the insurance industry and is backed by AIG, Marsh, Swiss Re, the British Insurance Brokers’ Association (BIBA) and the International Underwriting Association (IUA).

The global cyber security insurance market includes key players such as XL Group Ltd., American International Group Inc., Zurich Insurance Co. Ltd, AON PLC, Allianz Global Corporate & Specialty, Munich Re Group, Chubb, HSB, BCS financial corporation, Marsh & McLennan Companies, Inc., Markel Corp, Traveler’s group, Hiscox, Beazely Insurance group and others.

A systematic step framework for How to Tackle The Situation… “MITIGATE” | “SUSTAIN” | “GROW”: Business Strategy Recovery, Scenario and Planning

Key Segments Studied in the Global Cyber Security Insurances Market

Geographical Breakdown: Regional level analysis of the market, currently covering North America, Europe, China & Japan

In-Depth Qualitative Analyses Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.

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Changing Forecasts in a Time of Crisis: explores key issues, including:

Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis

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Key Points Covered in Cyber Security Insurances Market Report: COVID 19 Impact Analysis

  1. Preface

1.1. Report Scope

1.2. Market Taxonomy

1.3. Assumptions and Acronyms Used

1.4. Global Market – Macro Economic Factors Overview

  1. Executive Summary : Global Cyber Security Insurance Market
  2. Market Overview

3.1. Definition

3.2. Cyber Crime Cost in top 10 countries in US$ Bn

3.3. Average total organisation cost data breach (measured in millions US$)

3.4. Global Internet Penetration

3.5. Global Insurance Market

3.5.1. Life Insurance

3.5.2. Non-Life Insurance

3.5.2.1.  P & C insurance (Property and causality)

3.5.2.2.  Personal line Insurance

3.5.2.3.  Business Insurance

3.5.2.4.  Others (Fire, travel, Marin)

3.5.2.5.  Commercial Insurance

3.5.2.6.  Reinsurance

3.5.2.7.  Others

3.6. Competitive Scenario

3.7. Market Dynamics (Growth Influencers)

3.7.1.1.    Drivers

3.7.1.2.    Restraints

3.7.1.3.    Opportunities

3.8. Key Trend Analysis

3.9. Market Outlook

  1. Global Cyber Security Insurance Market Analysis and Forecast, By Service Type

4.1. Overview

4.2. Comparison of Cloud and On-premise deployment

4.3. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Service Type, 2016 – 2026

4.3.1. Risk management

4.3.2. Integrity

4.3.3. Forefront Portfolio

4.3.4. Third Party liability

4.3.5. Others

  1. Global Cyber Security Insurance Market Analysis and Forecast, By Enterprise Size

5.1. Overview

5.2. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Enterprise Size, 2016 – 2026

5.2.1. Small & Medium Enterprises (SMEs)

5.2.2. Large Enterprises

  1. Global Cyber Security Insurance Market Analysis and Forecast, By Industry Vertical

6.1. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Industry Vertical, 2016 – 2026

6.1.1. Banking, Financials

6.1.2. Telecom and IT

6.1.3. Government

6.1.4. Healthcare

6.1.5. Education

6.1.6. Manufacturing

6.1.7. Travel and hospitality

6.1.8. Others

  1. Global Cyber Security Insurance Market Analysis and Forecast, by Region

7.1. Overview

7.2. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, by Region, 2016 – 2026

7.2.1. North America

7.2.2. Europe

7.2.3. Asia Pacific

7.2.4. Middle East and Africa

7.2.5. Latin America

  1. North America Cyber Security Insurance Market Analysis and Forecast

8.1. Key Finding

8.2. Cyber Security Insurance Market Revenue Analysis (in US$ Mn)

8.3. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Service Type, 2016 – 2026

8.3.1. Risk management

8.3.2. Integrity

8.3.3. Forefront Portfolio

8.3.4. Third Party liability

8.3.5. Others

8.4.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Enterprise Size, 2016 – 2026

8.4.1. Small & Medium Enterprises (SMEs)

8.4.2. Large Enterprises

8.5.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Industry Vertical, 2016 – 2026

8.5.1. Banking, Financials

8.5.2. Telecom and IT

8.5.3. Government

8.5.4. Healthcare

8.5.5. Education

8.5.6. Manufacturing

8.5.7. Travel and hospitality

8.5.8. Others

8.6.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Country, 2016 – 2026

8.6.1. The U.S.

8.6.2. Canada

8.6.3. Rest of North America

  1. Europe Cyber Security Insurance Market Analysis and Forecast

9.1. Key Finding

9.2. Cyber Security Insurance Market Revenue Analysis (in US$ Mn)

9.3. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Service Type, 2016 – 2026

9.3.1. Risk management

9.3.2. Integrity

9.3.3. Forefront Portfolio

9.3.4. Third Party liability

9.3.5. Others

9.4.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Enterprise Size, 2016 – 2026

9.4.1. Small & Medium Enterprises (SMEs)

9.4.2. Large Enterprises

9.5.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Industry Vertical, 2016 – 2026

9.5.1. Banking, Financials

9.5.2. Telecom and IT

9.5.3. Government

9.5.4. Healthcare

9.5.5. Education

9.5.6. Manufacturing

9.5.7. Travel and hospitality

9.5.8. Others

9.6.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Country, 2016 – 2026

9.6.1. Germany

9.6.2. U.K

9.6.3. Itlay

9.6.4. Spain

9.6.5. Sweden

9.6.6. Austria

9.6.7. Belgium

9.6.8. France

9.6.9. The Netherlands

9.6.10. Rest of Europe

  1. Asia Pacific Cyber Security Insurance Market Analysis and Forecast

10.1. Key Finding

10.2. Cyber Security Insurance Market Revenue Analysis (in US$ Mn)

10.3. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Service Type, 2016 – 2026

10.3.1. Risk management

10.3.2. Integrity

10.3.3. Forefront Portfolio

10.3.4. Third Party liability

10.3.5. Others

10.4.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Enterprise Size, 2016 – 2026

10.4.1. Small & Medium Enterprises (SMEs)

10.4.2. Large Enterprises

10.5.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Industry Vertical, 2016 – 2026

10.5.1. Banking, Financials

10.5.2. Telecom and IT

10.5.3. Government

10.5.4. Healthcare

10.5.5. Education

10.5.6. Manufacturing

10.5.7. Travel and hospitality

10.5.8. Others

10.6.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Country, 2016 – 2026

10.6.1. China

10.6.2. India

10.6.3. Japan

10.6.4. Australia

10.6.5.  Rest of Asia Pacific

  1. Middle East and Africa (MEA) Cyber Security Insurance Market Analysis and Forecast

11.1. Key Finding

11.2. Cyber Security Insurance Market Revenue Analysis (in US$ Mn)

11.3. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Service Type, 2016 – 2026

11.3.1. Risk management

11.3.2. Integrity

11.3.3. Forefront Portfolio

11.3.4. Third Party liability

11.3.5. Others

11.4.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Enterprise Size, 2016 – 2026

11.4.1. Small & Medium Enterprises (SMEs)

11.4.2. Large Enterprises

11.5.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Industry Vertical, 2016 – 2026

11.5.1. Banking, Financials

11.5.2. Telecom and IT

11.5.3. Government

11.5.4. Healthcare

11.5.5. Education

11.5.6. Manufacturing

11.5.7. Travel and hospitality

11.5.8. Others

11.6.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Country, 2016 – 2026

11.6.1. GCC

11.6.2. South Africa

11.6.3. Turkey

11.6.4. UAE

11.6.5. Rest of Middle East & Africa

  1. Latin America Cyber Security Insurance Market Analysis and Forecast

12.1. Key Finding

12.2. Cyber Security Insurance Market Revenue Analysis (in US$ Mn)

12.3. Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Service Type, 2016 – 2026

12.3.1. Risk management

12.3.2. Integrity

12.3.3. Forefront Portfolio

12.3.4. Third Party liability

12.3.5. Others

12.4.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Enterprise Size, 2016 – 2026

12.4.1. Small & Medium Enterprises (SMEs)

12.4.2. Large Enterprises

12.5.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Industry Vertical, 2016 – 2026

12.5.1. Banking, Financials

12.5.2. Telecom and IT

12.5.3. Government

12.5.4. Healthcare

12.5.5. Education

12.5.6. Manufacturing

12.5.7. Travel and hospitality

12.5.8. Others

12.6.  Cyber Security Insurance  Market Size (US$ Mn ) Forecast, By Country, 2016 – 2026

12.6.1. Brazil

12.6.2. Mexico

12.6.3. Argentina

12.6.4. Chile

12.6.5. Rest of Latin America

  1. Competition Analysis

13.1. Market share analysis by key players

13.2. Company Profiles (Details – Overview, Business Overview, Financials Overview, Strategy Overview)

13.2.1. American International Group, Inc. (AIG)

13.2.2. Chubb Limited

13.2.3. Hiscox Ltd.

13.2.4. HSBC Holdings plc

13.2.5. Travelers Companies, Inc.

13.2.6. Beazley plc.

13.2.7. AXIS Capital Holdings Ltd.

13.2.8. BCS Insurance

13.2.9. CNA Financial Corporation

13.2.10. Marsh & McLennan Companies, Inc.

  1. Research Methodology

Continued….

……..and view more in complete table of Contents

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