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Cyber Insurance Market Set to Register 33.8% CAGR Revenue; the Global Market Size Will Reach US $16700 Million by 2024, from US $2920 Million in 2019

Global Cyber Insurance Market Size, Demand Analysis, Growth Rate and Deep Industry Research Reports

 

pune, India -- (SBWIRE) -- 02/16/2019 -- Cyber Insurance Market research report 2019-2024 presents a comprehensive study of the Cyber Insurance Market in Global Industry. Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.

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North America dominates the cyber insurance market and accounts for around 89% of the overall cyber insurance market in 2016. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks. Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies. The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.

Cyber Insurance Market Top Key Players:
- AIG
- Chubb
- XL Group
- Beazley
- Allianz
- Zurich Insurance
- Munich Re Group
- Berkshire Hathaway
- AON
- AXIS Insurance
- Lockton
- CNA
- Travelers
- BCS Insurance
- Liberty Mutual

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Segmentation by product type:
- Stand-alone Cyber Insurance
- Packaged Cyber Insurance
Segmentation by application:
- Financial Institutions
- Retail and Wholesale
- Healthcare
- Business Services
- Manufacturing
- Technology
- Others

This report also splits the market by region:
- Americas: United States, Canada, Mexico, Brazil
- APAC: China, Japan, Korea, Southeast Asia, India, Australia
- Europe: Germany, France, UK, Italy, Russia, Spain
- Middle East & Africa: Egypt, South Africa, Israel, Turkey, GCC Countries

Research Objectives of The Report:
1) To study and analyse the global Cyber Insurance market size by key regions/countries, product type and application.
2) To understand the structure of Cyber Insurance market by identifying its various sub segments.
3) Focuses on the key global Cyber Insurance key players, to define, describe and analyse the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
4) To analyse the Cyber Insurance market with respect to individual growth trends, future prospects, and their contribution to the total market.
5) To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
6) To project the size of Cyber Insurance submarkets, with respect to key regions (along with their respective key countries).
7) To analyse competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
8) To strategically profile the key players and comprehensively analyse their growth strategies.

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Table of Contents:

1 Scope of the Report
1.1 Market Introduction
1.2 Research Objectives
1.3 Years Considered
1.4 Market Research Methodology
1.5 Economic Indicators
1.6 Currency Considered

2 Executive Summary
2.1 World Market Overview
2.1.1 Global Cyber Insurance Market Size 2014-2024
2.1.2 Cyber Insurance Market Size CAGR by Region
2.2 Cyber Insurance Segment by Type
2.2.1 Stand-alone Cyber Insurance
2.2.2 Packaged Cyber Insurance
2.3 Cyber Insurance Market Size by Type
2.3.1 Global Cyber Insurance Market Size Market Share by Type (2014-2019)
2.3.2 Global Cyber Insurance Market Size Growth Rate by Type (2014-2019)
2.4 Cyber Insurance Segment by Application
2.4.1 Financial Institutions
2.4.2 Retail and Wholesale
2.4.3 Healthcare
2.4.4 Business Services
2.4.5 Manufacturing
2.4.6 Technology
2.4.7 Others
2.5 Cyber Insurance Market Size by Application
2.5.1 Global Cyber Insurance Market Size Market Share by Application (2014-2019)
2.5.2 Global Cyber Insurance Market Size Growth Rate by Application (2014-2019) and others…

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