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(Health-NewsWire.Net, August 06, 2024 ) Cyber Insurance Market in terms of revenue was estimated to be worth $16.46 billion in 2023 and is poised to reach $90.26 billion by 2031, growing at a CAGR of 23.94% from 2023 to 2028, according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Cyber Insurance Market are:
Rising Cybersecurity Threats
Regulatory Mandates and Compliance
Data Privacy Concerns
The following are the primary obstacles to the Cyber Insurance Market's expansion:
Uncertain Risk Assessment
Lack of Historical Data
High Costs of Cybersecurity
Future expansion opportunities for the global Cyber Insurance Market include:
Expansion of Remote Work
Increased Small and Medium-sized Enterprise (SME) Adoption
Need for Industry-specific Cyber Insurance Policies
Market Analysis:
This industry has grown in reaction to the expanding and ever-changing world of cyber dangers, as well as the increased reliance on digital technology. Furthermore, many cyber insurance policies offer policyholders access to incident response services, such as cybersecurity specialists, legal counsel, and forensic investigators, in the event of a cyber incident. Furthermore, as industry become more aware of the importance of cyber security and data breaches, the cyber insurance market is anticipated to grow significantly.
List of Prominent Players in the Cyber Insurance Market:
Allianz
American International Group, Inc.
Berkshire Hathaway Inc
Chubb (Switzerland)
Aon plc
AXA
AXIS Capital Holdings Limited
BCS Financial Corporation
Beazley Group
CNA Financial Corporation
Lloyds of London Ltd
Lockton Companies, Inc
Munich Re
The Chubb Corporation
The Hanover Insurance, Inc.
Travelers Indemnity Company
Zurich Insurance
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Recent Developments:
In December 2023, WTW introduced a new cyber insurance policy that was created and customized to provide a comprehensive solution for financial, professional, and executive risks. WTW's service, CyProtect Bermuda, is designed exclusively for major organizations operating in the Bermuda market. This groundbreaking tool attempts to provide a comprehensive defense against the ever-changing cyber threat scenario.
In April 2022, Beazley Group and Cytora collaborated to simplify insurance for clients and brokers, speed up profitable expansion, and automate risk management. Beazley uses the Cytora platform to modernize global underwriting operations, increase straight-through processing, and decrease manual processes.
In July 2022, Spring Insure created a commercial cyber service designed specifically for small and medium-sized businesses (SMEs). This cyber product protects against loss from a cyber-attack and gives you access to Beazley Cyber services like risk management and pre-breach.
Cyber Insurance Market Dynamics:
Market Drivers:
Rising Cybersecurity Threats Cyberattacks and data breaches are on the rise globally, affecting businesses of all kinds. According to Forbes, the percentage of ransomware attacks on organizations will increase to 66% in 2021, up 29% year on year. Rising cyberattacks have had an influence on organizations' operational capabilities, which is projected to enhance market growth. Hackers and threat actors are targeting industries such as BFSI, healthcare, education, and retail due to the massive volume of stored client data. Furthermore, increasing digitization in Internet banking, mobile banking, online shopping, digital payment, and electronic medical records raises the danger of data breaches in these areas. Cyber insurance provides comprehensive coverage for businesses and helps to mitigate the impact of a cyberattack. Thus, rising cybercrime raises the need for various policies.
Challenges:
High Costs of Cybersecurity Cyber insurance protects various industries from cybercrimes and dangers, which increases demand for insurance products. However, the sector confronts hurdles due to the high premium insurance policy cost. The increase in the price of policies by insurance firms is impeding their continuance and renewal. Premium rates are increasing by 30%, and corporations, including American International Group Inc., are cutting coverage limits as costs rise. Small and medium-sized enterprises (SMEs) with limited money are hesitant to invest in additional security insurance. Thus, high costs are projected to stifle market expansion.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American Cyber Insurance Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The regional development is being driven by increased cyberattacks and the high danger of data loss. The United States market has the largest share in the area due to the country's rigorous government regulations and cybersecurity policies. In addition, the presence of leading solution suppliers contributes to growth. The increasing frequency of cyber catastrophes, such as high-profile data breaches and ransomware attacks, is harming organizations across all industries, driving up demand for cyber insurance coverage.
Segmentation of Cyber Insurance Market-
By Company Size-
Large Companies
Small & Medium Sized Companies
By Industry Vertical-
BFSI
IT & Telecom
Retail & E-commerce
Healthcare
Manufacturing
Government & Public Sector
Others
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana Dsouza
+8884144123
diana.dsouza@insightaceanalytics.com
Source: EmailWire.Com 
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