Cyber Insurance Global Market Opportunities And Strategies To 2030 from Publisher provides the strategists, marketers and senior management with the critical information they need to assess the global cyber insurance market.
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Where is the largest and fastest growing market for the cyber insurance market- How does the market relate to the overall economy, demography and other similar markets- What forces will shape the market going forward- The global cyber insurance market report to 2030 report from the Business Research Company answers all these questions and many more.
The report covers the following chapters
-Executive Summary - The executive summary section of the report gives a brief overview and summary of the report
-Report Structure - This chapter gives the structure of the report and the information covered in the various sections.
-Introduction - The introduction section gives the segmentation of the cyber insurance market by type and by end-user covered in this report.
-Market Characteristics - This chapter of the report defines and explains the cyber insurance market. This chapter includes different products covered in the report and basic definitions.
-Supply Chain - This chapter of the report defines and explains the key players in the cyber insurance market supply chain.
-Customer Information - The customer information section covers recent customers' trends/preferences in the global cyber insurance market.
-Trends And Strategies - This chapter describes the major trends shaping the global cyber insurance market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
-Global Cyber Insurance Market - Timeline - This section describes the evolution of the cyber insurance in four major timelines: Past (1990s-2014), Present (2014-2018), Near Future (2018-2022) and Future (2023-2030).
-Regulatory Landscape - This section provides the regulatory framework for the cyber insurance industry in the USA, Europe, China, Japan and other countries.
-Recent Cyber Attacks And Their Impacts - This section provides a description of five recent cyber-attacks and their impacts on the business operations.
-Technologies Aiding The Cyber Insurance Industry - This sections describes five technologies that help optimizing operations of cyber insurance providers.
-Global Market Size And Growth - This section contains the global historic (2014-2018) and forecast (2018-2022), 2025 and 2030 market values, and drivers and restraints that support and restrain the growth of the market in the historic and forecast periods.
-Regional Analysis - This section contains the historic (2014-2018) and forecast (2018-2022) market value, growth, and market share comparison by region.
-Segmentation - This section contains the market values (2014-2022) and analysis for different segments.
-Global Macro Comparison - The global cyber insurance market comparison with macro-economic factors gives the cyber insurance market size, percentage of GDP, and average cyber insurance market expenditure.
-Regional Market Size and Growth - This section contains the region's market size (2018), historic (2014-2018) and forecast (2018-2022) market values, and growth and market share comparison of major countries within the region. This section also gives information on industry metrics that affect or influence the cyber insurance market. Industry metrics covered in this section include number of employees and number of enterprises. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa and major countries within each region.
-Competitive Landscape - This section includes details on the competitive landscape of the global cyber insurance market, estimated market shares and company profiles of the leading players.
-Key Mergers And Acquisitions - This chapter includes the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions that have shaped the market in recent years.
-Conclusions And Recommendations - This section includes conclusions and recommendations based on the findings of the research. This section gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is a significant business to be gained by competitors in the next five years.
-Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
By Type Of Distribution Channel: Brokers; Tied Agents And Branches; Direct and Other Channels; Bancassurance
By Type Of Insurance: Standalone, Package, Personal
By Size Of Business: Mid, Large, Small
By Type Of Claim: Ransomware, Hacker, Business Email Compromise, Malware/Virus, Phishing, Third Party, Rogue Employee, Legal Action, Paper Records, Programming Error, Staff Mistake, Lost/Stolen Laptop/Device, Others
By End-Use: Professional Services, Media, Healthcare, Government Bodies (Public), Financial Services, Retail And Wholesale, Education, Manufacturing, IT Services, Others
Companies Mentioned: Chubb Limited; AXA Group; American International Group, Inc.; Beazley Insurance Co, Inc.; The Travelers Companies, Inc.
Countries: China, India, Japan, Australia, South Korea, Indonesia, USA, Canada, Mexico, Brazil, UK, Germany, France, Spain, Italy, Switzerland, Netherlands, Belgium, Russia
Regions: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
This report describes and evaluates the global cyber insurance market. It covers two five-year periods, 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.
The global cyber insurance market reached a value of nearly $6,785.0 million in 2018, having increased at a compound annual growth rate (CAGR) of 37.2% since 2014, and is expected to grow at a CAGR of 20.2% to nearly $14,144.6 million by 2022. The global cyber insurance market is expected to reach $17,554.6 million in 2025 growing at a CAGR of 7.5%, and $21,940.0 million in 2030 growing at a CAGR of 4.6%.
Growth in the historic period resulted from the growth in the number of cyber-attacks and increased spending on information security by organizations. Factors that negatively affected growth in the historic period were a lack of awareness of insurance coverage among the general public, low penetration of cyber insurance, and a lack of awareness of potential losses by organizations. Going forward, stringent regulatory environments such as full compliance with GDPR, increased evaluation of cyber threats during mergers and acquisitions, increasing awareness of cyber threats, and growing adoption of internet-based business models will drive the growth. Factors that could hinder the growth of the cyber insurance market in the future include a lack of actuarial data and proven cyber exposure models, pricing uncertainty around cyber insurance policies, and emerging new types of cyber exposures and risks.
The cyber insurance market is segmented by type of insurance into standalone, packaged and personal. The standalone market was the largest segment of the cyber insurance market, accounting for 53.1% of the total in 2018. It was followed by package and personal.
The cyber insurance market is segmented by distribution channel into brokers, tied agents and branches, direct and other channels, and bancassurance. The brokers market was the largest segment of the cyber insurance market by distribution channel, accounting for 47.8% of the total in 2018. It was followed by tied agents and branches, direct and other, and bancassurance. Going forward, the direct and other segment is expected to be the fastest growing segment in the cyber insurance market, at a CAGR of 23.7% till 2022.
The cyber insurance market (commercial) is segmented by size of business into small (revenue < $10 million), mid-sized (revenue $10 million to $250 million) and large (revenue > $250 million). The mid-sized market was the largest segment of the cyber insurance market, accounting for 65.0% of the total in 2018. It was followed by large sized, and small sized. Going forward, the small-sized segment is expected to be the fastest growing segment in the cyber insurance market, at a CAGR of 27.1%.
The cyber insurance market (commercial) is segmented by end use industry into government bodies (public), professional services, media (entertainment), healthcare, financial services, retail and wholesale, education, manufacturing, IT services, and others. The professional services market was the largest segment of the cyber insurance market, accounting for 17.2% of the total in 2018. It was followed by media, healthcare, and other industries. Going forward, the education segment is expected to be the fastest growing segment in the cyber insurance market, at a CAGR of 24.2%.
The cyber insurance claims value is segmented by type of cyber claim into ransomware, hacker, business email compromise, malware/virus, phishing, third party, rogue employee, legal action, paper records, programming error, staff mistake, lost/stolen laptop/device, and others. The ransomware was the largest segment of the cyber insurance market segmented by type of cyber insurance claim, accounting for 32.7% of the total in 2018. It was followed by hacker, business email compromise, and others. Going forward, the business email compromise segment is expected to be the fastest growing segment in the cyber insurance market, at a CAGR of 26.5%.
North America was the largest region in the global cyber insurance market, accounting for 55.8% of the total in 2018. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cyber insurance market will be South America and Eastern Europe where growth will be at a CAGR of 47.7% and 35.0% respectively. These will be followed by North America and Asia Pacific, where the markets are expected to grow at CAGRs of 20.6% and 20.3% respectively.
Major players in the market include Chubb Limited, AXA Group, American International Group, Inc., The Travelers Companies, Inc. and Beazley Insurance Co, Inc.
Market-trend-based strategies for the cyber insurance market include integrating advanced technologies such as AI-enabled chatbots to automate business processes, using big data analytics solutions to improve business process efficiencies, and expanding the offerings of standalone insurance policies to cater to the increasing demand. Player-adopted strategies in the cyber insurance market include expanding through new product development, and expanding through strategic acquisitions.
The top opportunities in the cyber insurance market segmented by distribution channel will arise in the brokers market, which will gain $3,722.5 million of global annual sales by 2022. The top opportunities in the cyber insurance market segmented by size of business will arise in the mid-sized businesses market, which will gain $5,189.6 million of global annual sales by 2022. The top opportunities in the cyber insurance market segmented by type of cyber insurance claim will arise in the ransomware segment, which will gain $1,128.0 million of global annual sales by 2022. The top opportunities in the cyber insurance market segmented by end use industry will arise in the media segment, which will gain $1,183.0 million of global annual sales by 2022.The cyber insurance market size will gain the most in the USA at $4,211.1 million.
To take advantage of these opportunities, Publisher recommends the cyber insurance companies to offer standalone cyber insurance policies, use automation and big data technologies, target countries vulnerable to cyberattacks, and focus on personal cyber insurance.