Cyber Insurance Market Report 2024 (Global Edition)

Global Cyber Insurance Market Report 2024 Market Size Split by Offering (Solution, Service), by End User (Technology provider, Insurance companies, Third-party administrators, brokers, and consultanci...

Cyber Insurance Market Report Description

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Competitive Landscape of the Cyber Insurance Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Cyber Insurance Industry news

In April 2022 Beazley Group and Cytora collaborated to automate risk processing, expedite profitable development, and simplify insurance for brokers and clients. Through the use of the Cytora platform, Beazley streamlines manual procedures, enhances straight-through processing, and modernizes worldwide underwriting operations. 

(Source:https://www.beazley.com/en-sg/news-and-events/beazley-and-cytora-partner-streamline-insurance-brokers-and-clients

Top Companies Market Share in Cyber Insurance Industry: (In no particular order of Rank)

• Chubb
• Travelers Indemnity Company
• American International Group Inc.
• AXA XL
• Beazley Group
• CNA Financial Corporation
• AXIS Capital Holdings Limited
• BCS Financial Corporation
• Zurich Insurance
• The Hanover Insurance Inc.
• Arthur J. Gallagher & Co.
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional analysis for Cyber Insurance Market

Which Region will dominate the Cyber Insurance Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The market for cyber insurance is booming in North America due to growing regulatory pressure and cyber dangers. The region's strong digital infrastructure and high technological adoption rates heightened the demand for cyber insurance coverage. Because companies are realizing how important it is to have financial security against cyber hazards, North America continues to be a major hub for expanding the cyber insurance market, providing opportunities for both policyholders and insurers.

Which Region is Expanding at the Fastest CAGR?

The Europe region is witnessing an increase in the sales of reagents. The market for cyber insurance in Europe is expanding significantly, driven by rising cyber threats and stricter data protection laws like GDPR. Businesses all over the continent are adopting cyber insurance plans due to their growing awareness of the necessity for strong financial protection against cyber hazards. Europe offers a strong growth trajectory for the cyber insurance industry due to its changing digital ecosystem and increased awareness.

The current report Scope analyzes Cyber Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Cyber Insurance Market

According to Cognitive Market Research, the global Cyber Insurance market size was estimated at USD 14151.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 5660.48  million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031. Because of its extensive digital infrastructure and significant exposure to cyber risk, North America's cyber insurance business is still thriving. The need for cyber insurance solutions is growing as a result of organizations having to deal with more and more severe regulations and increased dangers. The financial services sector is one area propelling this expansion, as the industry's high reliance on digital transactions and sensitive data calls for effective cyber risk management techniques. Businesses in North America are realizing the value of cyber insurance in preventing financial losses and harm to their brand as cyber attacks and incidents increase in frequency. As a result, as businesses prioritize cybersecurity resilience in an increasingly digital world, the cyber insurance market in North America is expected to grow.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Cyber Insurance market with a market size of USD 4466.12 million in 2024 and is projected to grow at a CAGR of 24.5% during the forecast period. The demand is amplified by the nation's increasing cyber threats targeting businesses.
• The Canada Cyber Insurance market had a market share of USD 679.26 million in 2024 and is projected to grow at a CAGR of 25.5% during the forecast period. Canada's rising internet penetration.
• The Mexico Cyber Insurance market is projected to witness growth at a CAGR of 25.2% during the forecast period with a market size of USD 515.10 million in 2024.

Europe Cyber Insurance Market

According to Cognitive Market Research, with a market value of USD 14151.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 25.0% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 4245.36 million. Amidst growing cyber risks and strict data protection laws like GDPR, Europe's cyber insurance business is expanding significantly. Companies in a variety of industries are realizing how important cyber insurance is to reducing the financial risks connected to data breaches and noncompliance with regulations. The healthcare sector is one area where this expansion is being especially driven, as more and more cyber insurance plans are being adopted in response to the requirement to safeguard private patient information and adhere to stringent privacy laws. The need for cyber insurance in Europe is anticipated to stay strong as regulatory demands increase and cyber hazards continue to change, establishing the continent as a major hub for the global cyber insurance industry.

• The United Kingdom Cyber Insurance market had a market share of USD 713.22 million in 2024 and is projected to grow at a CAGR of 25.8% during the forecast period. In the UK, Cyber Insurance sales witness an upswing due to the nation's , growing awareness of the importance of cybersecurity measures. 
• The France Cyber Insurance market is projected to witness growth at a CAGR of 24.2% during the forecast period with a market size of USD 390.57 million in 2024.
• According to Cognitive Market Research, the Germany Cyber Insurance market size was valued at USD 840.58 million in 2024 and is projected to grow at a CAGR of 25.2% during the forecast period. In Germany, Cyber Insurance sales surge due to the need to comply with data protection regulations.
• The Italy Cyber Insurance market is projected to witness growth at a CAGR of 24.4% during the forecast period with a market size of USD 365.10 million in 2024.
• The Russia Cyber Insurance market is projected to witness growth at a CAGR of 24.0% during the forecast period with a market size of USD 658.03 million in 2024.
• The Spain Cyber Insurance market is projected to witness growth at a CAGR of 24.1% during the forecast period with a market size of USD 348.12 million in 2024.
• The Luxembourg Cyber Insurance market is projected to witness growth at a CAGR of 25.1% during the forecast period with a market size of USD 131.61 million in 2024.
• The Portugal Cyber Insurance market is projected to witness growth at a CAGR of 24.8% during the forecast period with a market size of USD 89.15 million in 2024.
• The Greece Cyber Insurance market is projected to witness growth at a CAGR of 25.3% during the forecast period with a market size of USD 50.94 million in 2024.
• Rest of Europe Cyber Insurance market is projected to witness growth at a CAGR of 23.7% during the forecast period with a market size of USD 658.03 million in 2024.

Asia Pacific Cyber Insurance Market

According to Cognitive Market Research, the global Cyber Insurance market size was estimated at USD 14151.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 3254.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.5% from 2024 to 2031. The market for cyber insurance is growing quickly in the Asia Pacific area as companies deal with growing cyber risks in the midst of the region's explosive digital shift. The need for cyber insurance solutions is growing due to the expanding use of technology across businesses and rising internet usage. The financial technology (fintech) industry is one area that is especially fueling this expansion, as online banking services and digital payment networks are subject to increased cybersecurity vulnerabilities. The Asia Pacific cyber insurance industry is expected to grow as companies realize how important it is to safeguard themselves from cyberattacks. This market provides vital financial security and risk-reduction tactics in an increasingly digital environment.

• According to Cognitive Market Research, the China Cyber Insurance market size was valued at USD 1464.65 million in 2024 and is projected to grow at a CAGR of 28.0% during the forecast period. Cyber Insurance sales surge in China due to the nation's rapid expansion in adoption of digital technologies across industries.
• The Japan Cyber Insurance market is projected to witness growth at a CAGR of 27.0% during the forecast period with a market size of USD 449.16 million in 2024.
• The India Cyber Insurance market had a market share of USD 390.57 million in 2024 and is projected to grow at a CAGR of 30.3% during the forecast period. The demand is augmented by India's increasing advancements in cyber risk assessment tools.
• The South Korea Cyber Insurance market is projected to witness growth at a CAGR of 27.6% during the forecast period with a market size of USD 325.48 million in 2024.
• The Australia Cyber Insurance market is projected to witness growth at a CAGR of 28.2% during the forecast period with a market size of USD 169.25 million in 2024.
• The South East Asia Cyber Insurance market is projected to witness growth at a CAGR of 29.5% during the forecast period with a market size of USD 224.58 million in 2024.
• The Rest of Asia Pacific Cyber Insurance market is projected to witness growth at a CAGR of 28.3% during the forecast period with a market size of USD 231.09 million in 2024.

South America Cyber Insurance Market

According to Cognitive Market Research, the global Cyber Insurance market size was estimated at USD 14151.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 707.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.9% from 2024 to 2031. The market for cyber insurance is expanding in Latin America as companies deal with growing cyber risks in the midst of digital transformation. Organizations are understanding the need for cyber insurance to reduce the financial risks associated with data breaches and cyberattacks as a result of growing connectivity and reliance on technology. The e-commerce sector is one area fueling this expansion. Because they handle sensitive consumer data and rely heavily on digital transactions, online shops there face substantial cyber dangers. The need for cyber insurance in Latin America is predicted to increase as knowledge of cyberthreats and regulatory frameworks change. Cyber insurance provides vital protection and resilience against the dynamic cyber landscape.

• According to Cognitive Market Research, the Brazil Cyber Insurance market size was valued at USD 302.84 million in 2024 and is projected to grow at a CAGR of 26.5% during the forecast period. Cyber Insurance sales flourish in Brazil due to the nation's the growing sophistication of cyber attacks.
• The Argentina Cyber Insurance market had a market share of USD 118.87 million in 2024 and is projected to grow at a CAGR of 26.8% during the forecast period. The demand is augmented by Argentina's commitment to sustainable farming practices, where Cyber Insurance play a crucial role in enhancing crop yields.
• The Colombia Cyber Insurance market is projected to witness growth at a CAGR of 25.7% during the forecast period with a market size of USD 62.97 million in 2024.
• The Peru Cyber Insurance market is projected to witness growth at a CAGR of 26.1% during the forecast period with a market size of USD 58.02 million in 2024.
• The Chile Cyber Insurance market is projected to witness growth at a CAGR of 26.2% during the forecast period with a market size of USD 50.94 million in 2024.
• The Rest of Latin America Cyber Insurance market is projected to witness growth at a CAGR of 25.0% during the forecast period with a market size of USD 113.92 million in 2024.

Middle East and Africa Cyber Insurance Market

According to Cognitive Market Research, the global Cyber Insurance market size was estimated at USD 14151.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 283.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 26.2% from 2024 to 2031. Amidst growing digitalization and cyber dangers, the Middle East and Africa (MEA) region's cyber insurance industry is expanding gradually but steadily. Businesses in the Middle East and Africa are adopting digital technologies, but they also run the danger of being targeted by cyberattacks and data breaches. The banking and financial services industry is one area propelling this expansion, as safeguarding confidential client information and adhering to legal mandates are critical. Businesses in MEA are likely to prioritize cybersecurity resilience, which will drive up demand for cyber insurance despite obstacles such low awareness and constrained regulatory frameworks. Insurers are growing their footprints in the MEA and providing customized solutions, which means there are great prospects for the cyber insurance industry to grow.

• According to Cognitive Market Research, the GCC Countries Cyber Insurance market size was valued at USD 121.13 million in 2024 and is projected to grow at a CAGR of 27.0% during the forecast period. Cyber Insurance sales flourish in the GCC Countries due to the region's increasing investments in cybersecurity infrastructure.
• The Egypt Cyber Insurance market is projected to witness growth at a CAGR of 26.6% during the forecast period with a market size of USD 29.72 million in 2024.
• The South Africa Cyber Insurance market is projected to witness growth at a CAGR of 27.2% during the forecast period with a market size of USD 44.72 million in 2024. Cyber Insurance sales flourish in the South Africa due to the region's increasing investments in cybersecurity infrastructure.
• The Turkey Cyber Insurance market is projected to witness growth at a CAGR of 25.7% during the forecast period with a market size of USD 24.34 million in 2024.
• The Nigeria Cyber Insurance market is projected to witness growth at a CAGR of 25.3% during the forecast period with a market size of USD 29.72  million in 2024.
• The Rest of MEA Cyber Insurance market is projected to witness growth at a CAGR of 25.2% during the forecast period with a market size of USD 33.40 million in 2024.

Cyber Insurance Market Analysis

Cyber Insurance Market Offering Segment Analysis

According to Cognitive Market Research, solutions held the major market share over the forecast period. The market for cyber insurance is expanding thanks to the solution-oriented methodology. Insurance providers are responding to the growing threat of cyberattacks by providing customized solutions that cater to industry-specific issues and risk profiles. Insurers encourage more firms to participate in cyber insurance by providing comprehensive coverage, cutting-edge policy features, and proactive risk management services. This is propelling market expansion and resilience against cyber hazards.

Service is the fastest-growing category over the forecast period. The market for cyber insurance is growing faster because of tactics prioritizing providing services. By adding value-added services like proactive risk assessments, incident response assistance, and cybersecurity education, insurance companies are improving what they have to offer. Insurers are meeting the changing needs of businesses and boosting confidence in cyber insurance by providing comprehensive solutions beyond standard coverage, fostering ongoing market growth and resilience against cyber threats.

• Solution 
• Cybersecurity insurance analytics platform 
• Disaster recovery and business continuity 
• Cybersecurity solution 
• Service 
• Consulting/ Advisory 
• Security awareness training 
• Others (infrastructure services
• implementation
• and support and maintenance)

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Cyber Insurance Industry. Request a Free Sample PDF!

Cyber Insurance Market End User Segment Analysis

According to Cognitive Market Research, Technology providers hold a prominent market share. Technology companies are a major factor in the market expansion for cyber insurance. Creating cutting-edge tools like cyber resilience technologies, threat intelligence platforms, and risk assessment tools enables insurers to provide more precise underwriting, proactive risk management, and improved coverage options. This partnership between insurers and technology suppliers bolsters defenses against emerging cyberthreats and drives market expansion.

Insurance companies are the fastest-growing category over the forecast period. By responding to changing cyber threats, insurance companies are driving the expansion of the cyber insurance industry. They provide thorough coverage customized to meet enterprises' unique needs, including protection against ransomware and data breaches. Due to growing digitalization, insurance firms offer essential risk management and financial protection, which propels market growth. By combating cyber threats, they help organizations become more resilient and improve the overall cybersecurity landscape.

• Technology provider 
• Insurance companies 
• Third-party administrators
• brokers
• and consultancies 
• Government agencies 
• Insurance provider 
• Financial services 
• ITand ITES 
• Healthcare and life science 
• Retail and e-commerce 
• Telecom 
• Travel
• tourism
• and hospitality 
• Others (Education
• Manufacturing
• Energy and Utilities
• and Government)

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Cyber Insurance Insurance Coverage Segment Analysis

According to Cognitive Market Research, Data breaches held the major market share over the forecast period. The market for cyber insurance is expanding due to the increasing frequency and severity of data breaches. Companies in various sectors are turning to cyber insurance for protection as they become more aware of the threats to their finances and reputation from data breaches. Companies are prioritizing cybersecurity risk management, and insurers are responding by increasing the scope of coverage they give against data breaches.

• Data breach
• Data loss
• Denial of service and downtime
• Ransomware attacks
• Others

Cyber Insurance Compilance Requirement Segment Analysis

According to Cognitive Market Research, Healthcare Compliance held the major market share over the forecast period. The healthcare sector's demand for coverage is driven by healthcare compliance standards, which support the expansion of the cyber insurance market. Healthcare companies are increasingly seeking cyber insurance to reduce the financial risks associated with data breaches and non-compliance with standards such as HIPAA. As insurers customize specific plans to match the particular cybersecurity requirements of healthcare providers, this trend is driving market expansion.

Financial Services Compliance is the fastest-growing category over the forecast period. Financial institutions are investing in comprehensive coverage due to the financial services compliance requirements driving the expansion of the cyber insurance market. In light of stringent data protection rules such as GDPR and PCI-DSS, financial institutions look for cyber insurance to safeguard themselves against the financial consequences of security breaches and maintain compliance. Responding with customized plans, insurers are propelling market growth as financial services give cybersecurity risk management top priority.

• Healthcare Compliance
• Financial Services Compliance
• GDPR Compliance
• Data Privacy Compliance
• Other

Cyber Insurance Insurance Type Segment Analysis

According to Cognitive Market Research, Packaged held the major market share over the forecast period. The market is expanding due to packaged cyber insurance solutions, which provide extensive coverage customized to meet the requirements of enterprises. These packaged policies include a variety of cyber risk defenses, such as cyber liability, business interruption, and data breach insurance. Packaged cyber insurance products are gaining traction and expanding the industry by offering a comprehensive and easy way to manage cyber risk.

Stand-alone is the fastest-growing category over the forecast period. The industry is expanding thanks to stand-alone cyber insurance plans, which provide specialized coverage for particular cyber risks. These plans eliminate the need for conventional insurance packages by offering complete protection against ransomware attacks, data breaches, and other cyber dangers. The market is being driven by the growing demand for stand-alone cyber insurance plans as businesses become more aware of the distinctive nature of cyber hazards.

• Packaged
• Stand-alone

Cyber Insurance Cyber liability Segment Analysis

• Data protection and privacy costs
• Non-compliance penalty
• Brand and related intellectual property protection
• Others

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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