The new report by Expert Market Research titled, ‘Global Cyber Insurance Market Price, Trends, Growth, Analysis, Report and Forecast 2020-2025’, gives an in-depth analysis of the global cyber insurance market, assessing the market based on its segments like company sizes, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 6 billion
• Forecast CAGR (2020-2025): 20%
The cyber insurance market is being driven by the rising penetration of the internet across the world. The market is further aided by the growing cyber insurance policies. This can be attributed to the rise in cyber-attacks. Many such incidents have taken place over the years, such as system infringement of health insurer Anthem Inc., organized cyber-attack on the Ukrainian national energy distribution businesses, a huge client data breach that LinkedIn and Twitter, and infringement of the unclassified network of the White House. All such incidents have led to an increased alertness and to safeguard from such cybercrimes, companies are actively seeking cyber insurance. Thereby aiding the market growth of cyber insurance.
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Industry Definition and Major Segments
Cyber insurance is an insurance policy that is used to safeguard companies and individual clients from internet-based hazards and risks related to infrastructure and operations associated with information technology.
Based on company size, the industry can be segmented into:
• Small and Medium Enterprises
• Large Enterprises
On the basis of application, the market is divided into:
By region, the cyber insurance market can be segmented into
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The cyber insurance market is expected to be defined by the rising awareness about insurance, an increasing number of cyber-attacks, growing government regulations, rising mitigation solutions by companies, risk mitigation, and increasing cases of data breach in the forecast period. There is expected to be rising incidences of data breach over the forecast period. This, along with the growing focus of companies on the digital data, workforce mobility, and cloud computing are all expected to make local computer systems, cloud servers, and enterprise databases susceptible to breaches. This is attributed to the rapid adoption of data-breach-centric cyber insurance to reduce the third- and first-party financial losses.
Key Market Players
The major players in the market are AON Plc (NYSE: AON), American International Group, Inc. (NYSE: AIG), Allianz Global Corporate & Specialty (Allianz Group) (ETR: ALV), Berkshire Hathaway Speciality Insurance, Lockton, Inc., Chubb Group Holdings Inc., Munich Re (ETR: MUV2), Xl Catlin Insurance Co. UK Ltd., and Zurich Insurance Co. Ltd. (Zurich Insurance Group AG) (SWX: ZURN), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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