Cyber Insurance Market Set to Surge to $116.7 Billion by 2032 Amid Escalating Digital Threats

Cyber Insurance Market Set to Surge to $116.7 Billion by 2032 Amid Escalating Digital Threats

NEW CASTLE, WILMINGTON, UNITED STATES, August 5, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Cyber Insurance Market, by Coverage (Data Breach, Cyber Liability, First-Party Coverage, Third-Party Coverage, and Others), Enterprise Size (Large Enterprise, and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, IT and Telecommunication, Retail and E-commerce, Healthcare, Manufacturing, Government and Public Sector, and Others) Global Opportunity Analysis and Industry Forecast, 2022–2032." The cyber insurance market was valued at $12.5 billion in 2022, and is estimated to reach $116.7 billion by 2032, growing at a CAGR of 25.3% from 2023 to 2032.

➡️ 𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 & 𝐓𝐎𝐂 𝐓𝐨𝐝𝐚𝐲: https://www.alliedmarketresearch.com/request-sample/1705

Increase in cyber-attacks and surge in mandatory legislations regarding cyber security fuel the growth of the global cyber insurance market. On the other hand, dearth of standardized policies impedes the growth to some extent. However, expansion of products and services, and development in emerging economies are expected to create lucrative opportunities for the key players in the industry.

Cyber breach insurance market is widely used to help businesses to protect their valuable IT assets against cyber-attacks such as malware, ransomware, phishing, distributed denial-of-service (DDoS) attacks, and others. The cyber insurance companies provide personalized products and services to mitigate specific risks across several end user industries. Furthermore, significant increase in cyber-attacks has led organizations to shift their focus on cyber security as well as cyber insurance thus, acting as one of the major factors boosting the cyber insurance market growth.

Moreover, organizations of all sizes are becoming more and more in need of cyber insurance as a result of rising awareness of cyber threats and the monetary consequences of data breaches and cyberattacks. In addition, the cyber insurance carriers is growing internationally as cyber dangers become more widespread. To address the worldwide nature of cyber hazards, insurers are providing coverage to businesses operating in different geographical areas. Furthermore, in their cyber insurance coverage, several insurers now include incident response services. This gives policyholders access to cybersecurity specialists, legal counsel, and crisis management tools so they can react to cyber crises in an efficient manner.

The large enterprises segment to maintain its dominance till 2026-
Based on organization size, the large enterprises segment contributed to more than two-thirds of the total market share in 2018, and is expected to dominate by the end of 2026. The SM­Es segment, on the other hand, would grow at the fastest CAGR of 27.2% from 2019­­ to 2026.

➡️𝐀𝐬𝐤 𝐁𝐞𝐟𝐨𝐫𝐞 𝐘𝐨𝐮 𝐁𝐮𝐲 : https://www.alliedmarketresearch.com/purchase-enquiry/1705

The BFSI segment garnered the lion’s share in 2018-
Based on industry vertical, the BFSI segment accounted for one-fourth of the total market revenue in 2018, and is projected to lead the trail by 2026. At the same time, the government & ­­public sector would manifest the fastest CAGR of 27.5% throughout the forecast period. The other segments analyzed in the market report include IT & Telecom, Retail & E-Commerce, Healthcare, and Manufacturing.

North America to rule the roost in terms of revenue-
Based on geography, North America held the major share in 2018, garnering more than two-fifths of the global market. Simultaneously, the Asia-Pacific region is anticipated to grow at the fastest CAGR of 26.9% during the study period. The other provinces discussed in the report take in Europe and LAMEA.

Key players in the industry-
The key market players analyzed in the global cyber insurance market report include American International Group, Inc., Munich Re, Zurich, Lockton Companies, Inc., Aon plc, AXA, Berkshire Hathway Inc., Allianz, Lloyd’s of London Ltd., and The Chubb Corporation. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their flair in the industry.

Key Findings of the Study
By coverage, the data breach segment led the cyber insurance market in terms of revenue in 2022.
By enterprise size, the large enterprise for the highest cyber insurance market share in 2022.
By industry vertical, BFSI segment accounted for the highest cyber insurance market trends in 2022
By region, North America generated the highest revenue in 2022.

➡️𝐒𝐡𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬, 𝐝𝐨𝐧'𝐭 𝐡𝐞𝐬𝐢𝐭𝐚𝐭𝐞 𝐭𝐨 𝐢𝐧𝐟𝐨𝐫𝐦 𝐮𝐬 : https://www.alliedmarketresearch.com/request-for-customization/1705

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