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Market Research Report

Cyber Insurance Market by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Service, by Industry Vertical, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

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Cyber Insurance Market by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Service, by Industry Vertical, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023
Published: November 1, 2017 Content info: 123 Pages
Description

Global cyber insurance market size forecasted to reach $16,970 million by 2023, it will grow over 20% CAGR during 2017-2023, P&S Market Research

Loss of brand reputation from cyber-attacks has been cited as a primary reason by most of the industry leaders for the mainstream adoption of cyber insurance programs in their operations. Since the persistent threat of cyber-crime continues to rise globally, the trend of intrusion of unauthorized access entities into critical data and illegitimate access to private and confidential business information also rises. This has led to huge loss of enterprise value, which is expected to continue over a period of time. Thus, with this loss getting huge day by day, the adoption of cyber insurance is predicted to escalate in the years to come.

Insights on market segments

The cyber insurance market is categorized on the basis of enterprise size, service, and industry. Large enterprises led the cyber insurance market in terms of size, due to their high purchasing power and the availability of sufficient funds for risk insurance. Since the premiums for cyber insurance are very high, SMEs refrain to buy expensive covers because of their limited budget constrains over cyber risk management.

Among all the industries, banking financial services and insurance (BFSI) had been the largest consumer for cyber insurance market as these companies are more prone to cyber-attacks. The BFSI industry contributed more than 35% of the global market share in 2016. The market will be witnessing the fastest growth in retail and manufacturing industries, during the forecast period, due to numerous cyber challenges and risks present in the industry, such as digital supply chain management and online operations.

Increasing criminalization of the internet accelerating the global market growth

Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups in order to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to an increase in the awareness of and interest in cyber insurance, thereby escalating the growth of cyber insurance market, globally.

The increasing interconnectivity, commercialization, and globalization of cybercrime are driving greater frequency and severity of cyber incidents, including past data breach incidents. This has directly impacted the growth of the cyber insurance market positively. From individual companies to government organizations, an attack by hacker can inflict huge financial loss, corporate embarrassment, and business continuity failure. High profile computer breaches in recent past, such as hack of Democratic National Committee and Twitter, are reinforcing the need for protection and insurance against cyber threats. This had led to increase in the demand for cyber liabilities and sophisticated policy cover by business leaders, to protect the enterprise data from cyber-attacks and cyber criminals.

Americas stands as the largest market

Geographically, Americas has been the largest cyber insurance market, accounting for more than 90% of global revenue in 2016. Whereas, the sales are expected to witness the fastest growth in the rest of the world (RoW) market, during the forecast period. The market growth in RoW will be led by factors such as surge in digitization within the industry, leading to more generation of data and exposure cyber risk, availability of new industry specific insurance packages, and growth in investment in risk premium solutions to deal with budget constraints.

Moderate competition in the industry

The global cyber insurance industry is moderately competitive with players developing new strategies to reach their customers in the most effective and efficient way. Some of the major players operating in this industry are American International Group Inc., Chubb Limited, Zurich Insurance Group AG, XL Group Ltd, Berkshire Hathaway Inc., Allianz Global Corporate & Specialty SE, and Munich Re Group.

Competitors in the cyber insurance market are investing in new product launches to cater to the larger market and expand their offerings globally. For instance, XL Catlin, part of XL Group, in July 2017, announced the launch of its cyber and data protection insurance policy in Asia-Pacific. The new policy designed by the company aims to protect businesses from the threats they face from a malicious network and breach of data.

Table of Contents

Table of Content

Chapter 1. Research Background

  • 1.1 Research Objectives
  • 1.2 Market Definition
  • 1.3 Research Scope
    • 1.3.1 Market Segmentation by Enterprise Size
    • 1.3.2 Market Segmentation by Service
    • 1.3.3 Market Segmentation by Industry
    • 1.3.4 Market Segmentation by Geography
    • 1.3.5 Analysis Period
    • 1.3.6 Market Data Reporting Unit
      • 1.3.6.1 Value
  • 1.4 Key Stakeholders

Chapter 2. Research Methodology

  • 2.1 Secondary Research
  • 2.2 Primary Research
    • 2.2.1 Breakdown of Primary Research Respondents
      • 2.2.1.1 By region
      • 2.2.1.2 By industry participant
      • 2.2.1.3 By company type
  • 2.3 Market Size Estimation
  • 2.4 Data Triangulation
  • 2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction

  • 4.1 Definition of Market Segments
    • 4.1.1 By Enterprise Size
      • 4.1.1.1 Large enterprise
      • 4.1.1.2 SMEs
    • 4.1.2 By Service
      • 4.1.2.1 Insurance
      • 4.1.2.2 Claim service
      • 4.1.2.3 Risk consulting
  • 4.2 Value Chain Analysis
  • 4.3 Common Cyber Attacks by Region or Country Group
  • 4.4 Market Dynamics
    • 4.4.1 Trends
      • 4.4.1.1 Increase in denial of service attacks
      • 4.4.1.2 Malicious code threatens enterprise security
    • 4.4.2 Drivers
      • 4.4.2.1 Supply chain cyber risk
      • 4.4.2.2 Increasing criminalization of the internet
      • 4.4.2.3 Mandatory legislation regarding cyber security
      • 4.4.2.4 Recent implications of WannaCry cyber attack
      • 4.4.2.5 Impact analysis of drivers on market forecast
    • 4.4.3 Restraints
      • 4.4.3.1 Lack of education in terms of business understanding
      • 4.4.3.2 Continuous evolution of technology
      • 4.4.3.3 Impact analysis of restraints on market forecast
    • 4.4.4 Opportunities
      • 4.4.4.1 Good deals for SMEs
      • 4.4.4.2 Growing demand in Europe and Asia-Pacific
  • 4.5 Sales Dynamics
    • 4.5.1 Purchasing Factors
    • 4.5.2 Drivers
    • 4.5.3 Obstacles in Selling Cyber Coverage
  • 4.6 Internet of Things: New Era of Cyber Insurance
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Buyers
    • 4.7.2 Bargaining Power of Suppliers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes
    • 4.7.5 Intensity of Rivalry

Chapter 5. Market Size and Forecast by Enterprise Size

Chapter 6. Market Size and Forecast by Service

Chapter 7. Market Size and Forecast by Industry

Chapter 8. Market Size and Forecast by Geography

  • 8.1 Americas Cyber Insurance Market
    • 8.1.1 By Enterprise Size
    • 8.1.2 By Service
    • 8.1.3 By Industry
  • 8.2 Europe Cyber Insurance Market
    • 8.2.1 By Enterprise Size
    • 8.2.2 By Service
    • 8.2.3 By Industry
  • 8.3 RoW Cyber Insurance Market
    • 8.3.1 By Enterprise Size
    • 8.3.2 By Service
    • 8.3.3 RoW Cyber Insurance Market, by Industry

Chapter 9. Competitive Landscape

  • 9.1 Competitive Analysis of Key Players
  • 9.2 Global Strategic Developments of Key Players

Chapter 10. Company Profiles

  • 10.1 American International Group, Inc.
    • 10.1.1 Business Overview
    • 10.1.2 Product and Service Offerings
    • 10.1.3 Key Financial Summary
    • 10.1.4 Strategic Growth Plans
  • 10.2 Chubb Limited
    • 10.2.1 Business Overview
    • 10.2.2 Product and Service Offerings
    • 10.2.3 Strategic Growth Plans
  • 10.3 Zurich Insurance Group AG
    • 10.3.1 Business Overview
    • 10.3.2 Product and Service Offerings
    • 10.3.3 Strategic Growth Plans
  • 10.4 XL Group Ltd
    • 10.4.1 Business Overview
    • 10.4.2 Product and Service Offerings
  • 10.5 Berkshire Hathaway Inc.
    • 10.5.1 Business Overview
    • 10.5.2 Product and Service Offerings
    • 10.5.3 Strategic Growth Plans
  • 10.6 Allianz Global Corporate & Specialty SE
    • 10.6.1 Business Overview
    • 10.6.2 Product and Service Offerings
    • 10.6.3 Strategic Growth Plans
  • 10.7 Munich Re Group
    • 10.7.1 Business Overview
    • 10.7.2 Product and Service Offerings
    • 10.7.3 Strategic Growth Plans
  • 10.8 Lloyd's
    • 10.8.1 Business Overview
    • 10.8.2 Product and Service Offerings
    • 10.8.3 Strategic Growth Plans
  • 10.9 Lockton Companies Inc.
    • 10.9.1 Business Overview
    • 10.9.2 Product and Service Offerings
    • 10.9.3 Strategic Growth Plans
  • 10.1 Aon Plc
    • 10.10.1 Business Overview
    • 10.10.2 Product and Service Offerings
    • 10.10.3 Strategic Growth Plans

Chapter 11. Appendix

  • 11.1 Abbreviations
  • 11.2 Related Reports

LIST OF TABLES

  • TABLE 1 ANALYSIS PERIOD OF THE STUDY
  • TABLE 2 DRIVERS FOR THE MARKET: IMPACT ANALYSIS
  • TABLE 3 RESTRAINTS FOR THE MARKET: IMPACT ANALYSIS
  • TABLE 4 GLOBAL CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 216)
  • TABLE 5 GLOBAL CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (217 - 223)
  • TABLE 6 GLOBAL CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 216)
  • TABLE 7 GLOBAL CYBER INSURANCE MARKET, BY SERVICE, $M (217 - 223)
  • TABLE 8 GLOBAL CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 216)
  • TABLE 9 GLOBAL CYBER INSURANCE MARKET, BY INDUSTRY, $M (217 - 223)
  • TABLE 10 AMERICAS CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 216)
  • TABLE 11 AMERICAS CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (217 - 223)
  • TABLE 12 AMERICAS CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 216)
  • TABLE 13 AMERICAS CYBER INSURANCE MARKET, BY SERVICE, $M (217 - 223)
  • TABLE 14 AMERICAS CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 216)
  • TABLE 15 AMERICAS CYBER INSURANCE MARKET, BY INDUSTRY, $M (217 - 223)
  • TABLE 16 EUROPE CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 216)
  • TABLE 17 EUROPE CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (217 - 223)
  • TABLE 18 EUROPE CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 216)
  • TABLE 19 EUROPE CYBER INSURANCE MARKET, BY SERVICE, $M (217 - 223)
  • TABLE 20 EUROPE CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 216)
  • TABLE 21 EUROPE CYBER INSURANCE MARKET, BY INDUSTRY, $M (217 - 223)
  • TABLE 22 ROW CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 216)
  • TABLE 23 ROW CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (217 - 223)
  • TABLE 24 ROW CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 216)
  • TABLE 25 ROW CYBER INSURANCE MARKET, BY SERVICE, $M (217 - 223)
  • TABLE 26 ROW CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 216)
  • TABLE 27 ROW CYBER INSURANCE MARKET, BY INDUSTRY, $M (217 - 223)
  • TABLE 28 COMPETITIVE ANALYSIS OF KEY PLAYERS
  • TABLE 29 AMERICAN INTERNATIONAL GROUP, INC. - AT A GLANCE
  • TABLE 30 CHUBB LIMITED - AT A GLANCE
  • TABLE 31 ZURICH INSURANCE GROUP AG - AT A GLANCE
  • TABLE 32 XL GROUP LTD - AT A GLANCE
  • TABLE 33 BERKSHIRE HATHAWAY INC. - AT A GLANCE
  • TABLE 34 ALLIANZ GLOBAL CORPORATE & SPECIALTY SE - AT A GLANCE
  • TABLE 35 MUNICH RE GROUP - AT A GLANCE
  • TABLE 36 LLOYD'S - AT A GLANCE
  • TABLE 37 LOCKTON COMPANIES INC. - AT A GLANCE
  • TABLE 38 AON PLC - AT A GLANCE

LIST OF FIGURES

  • FIG 1 RESEARCH SCOPE
  • FIG 2 RESEARCH METHODOLOGY
  • FIG 3 REGIONAL SPLIT OF PRIMARY AND SECONDARY RESEARCH
  • FIG 4 BREAKDOWN OF PRIMARY RESEARCH BY REGION
  • FIG 5 BREAKDOWN OF PRIMARY RESEARCH BY INDUSTRY PARTICIPANT
  • FIG 6 BREAKDOWN OF PRIMARY RESEARCH BY COMPANY TYPE
  • FIG 7 DATA TRIANGULATION APPROACH
  • FIG 8 GLOBAL CYBER INSURANCE MARKET SUMMARY
  • FIG 9 VALUE CHAIN ANALYSIS OF GLOBAL CYBER INSURANCE MARKET
  • FIG 10 COMMON CYBER ATTACKS FACED BY REGION OR COUNTRY GROUP (216)
  • FIG 11 PRIMARY IMPACT OF CYBER ATTACKS (216)
  • FIG 12 RISE IN COST OF GLOBAL CYBER ATTACKS DURING 215 -216
  • FIG 13 PURCHASING FACTORS CONDSIDERED FOR CYBER LIABILITY
  • FIG 14 MAJOR DRIVERS FOR CYBER PRODUCT SALE
  • FIG 15 OBSTACLES IN SELLING CYBER COVERAGE
  • FIG 16 MAJOR DRIVERS FOR ADOPTION OF IOT IN INSURANCE SECTOR
  • FIG 17 TRANSITION OF CYBER INSURANCE FROM RETROACTIVE TO PREDICTIVE THROUGH IOT
  • FIG 18 PORTER'S FIVE FORCES ANALYSIS
  • FIG 19 GLOBAL CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 223)
  • FIG 20 GLOBAL CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 223)
  • FIG 21 GLOBAL CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 223)
  • FIG 22 AMERICAS CYBER INSURANCE MARKET SNAPSHOT
  • FIG 23 AMERICAS CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 223)
  • FIG 24 AMERICAS CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 223)
  • FIG 25 AMERICAS CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 223)
  • FIG 26 EUROPE CYBER INSURANCE MARKET SNAPSHOT
  • FIG 27 EUROPE CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 223)
  • FIG 28 EUROPE CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 223)
  • FIG 29 EUROPE CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 223)
  • FIG 30 ROW CYBER INSURANCE MARKET SNAPSHOT
  • FIG 31 ROW CYBER INSURANCE MARKET, BY ENTERPRISE SIZE, $M (213 - 223)
  • FIG 32 ROW CYBER INSURANCE MARKET, BY SERVICE, $M (213 - 223)
  • FIG 33 ROW CYBER INSURANCE MARKET, BY INDUSTRY, $M (213 - 223)
  • FIG 34 AMERICAN INTERNATIONAL GROUP REVENUE SPLIT BY OPERATIONS AND GEOGRAPHY (216)
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