Visiongain has published a new report entitled the Cyber Insurance Market from 2021-2031. It includes profiles of Cyber Insurance and Forecasts Market Segment by Type (Standalone Insurance, Packaged Insurance) Market Segment by Cyber Event (Data-Malicious Breach, Unauthorized/Unintentional Disclosure, Physical Damage, Website Disruption, Phishing/Spoofing, Skimming/Tampering) Market Segment by Coverage (Data Breach, Data Loss, Denial of Service/Down-time, Ransom ware Attacks, Other Coverage) Market Segment by Liability (Data Protection and Cyber Liability, Media Liability, Wrongful Data Collection, Infringement/Defamatory Content, Violation of Notification Obligations, Other Liability) Market Segment by End-User (Financial Institutions, IT and ITES, Telecom Industry, Energy & Utilities, Media & Entertainment, Other End-User) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
Cyber risk is far more than a data breach, as traditional insurance companies quickly understand. Hackers and/or system failures can cause physical damage, accidents, and theft, and digital technology has introduced a wide range of unexpected hazards that undermine existing insurance coverage. As a result of this development, cyber insurers can gain market share from established competitors.
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How has COVID-19 had a significant negative impact on the Cyber Insurance Market?
Increased dangers and remote work caused by the corona virus epidemic make numerous organizations more vulnerable to cybercrime assaults. The change in the risk equation will increase cyber insurers’ examination of the security arrangements of policyholders. More monitoring could lead to higher insurance premiums or even company denials. Cyber risks potential was heightened by the COVID-19 outbreak. Phishing attempts continue to increase as bad actors are using COVID-related attractions to exploit consumers’ anxieties and their quest for pandemic information. Simultaneously, a remote work force might extend the attack surface of the organization utilizing less secure home networks and personal devices. This increases the probability of cyber-crimes being used by people from home to hack their credentials with phishing emails and other severe distress. In addition, insurers are becoming more proactive and inform policy holders to new exposures and network vulnerability that can cause a violation – before the cyber threat becomes devastating and causing significant financial losses.
How this Report will benefit you?
Visiongain’s 577+ page report provides 381 tables and 356 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global cyber insurance market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Cyber Insurance. Get the financial analysis of the overall market and different segments including type, coverage, liability, end-user and capture higher market share? We believe that high opportunity remains in this fast-growing cyber insurance market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits soon. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the current market drivers?
Reinsurance plays a vital role in enabling an insurance market to grow
Reinsurance plays a vital role in enabling an insurance market to grow, particularly if insurers must cope with a new and unrecognized risk such as cyber risk. Global cyber reinsurance market is estimated to be worth $525m. Most insurers (95%) buy proportional quota share reinsurance contracts, which are typical on immature markets, but due to intense competition non-proportional (Excess-of-Loss) structures are emerging. The portion of retained cyber risk in XL contracts varies across insurance companies.
Cyber Insurance Sector Is Undergoing Several Waves of Development to Expand from Digital Assets to Encompass Physical Asset
Technology introduces a new set of hazards to both tangible and intangible assets, many of which are not covered by existing insurance policies, leaving businesses of all sizes vulnerable to cyber threats. Cyber insurance, as it has been described in the past, has primarily focused on digital assets such as customer data. Many traditional insurance lines, such as home, property, energy, and aviation, are migrating to cyber insurance by proxy as the magnitude, frequency, and effect of cyber catastrophes grows. Interviews with industry experts back up this trend, predicting that the cyber insurance industry will extend from digital assets to include physical assets, as well as other asset classes including reputation, intellectual property, and business disruption, in numerous waves.
Where are the market opportunities?
Moving from risk Indemnification to Holistic Protection
Cyber resilience strategies must be solid and constantly evolving for major corporations and SMEs alike to protect themselves against an ever-changing risk landscape. Insurers, in opinion, now have the chance to provide innovative and distinctive offerings that take a comprehensive approach to their clients’ cyber security needs. Insurers may boost the value of their cyber security products by expanding services and mindsets beyond risk indemnification, decreasing the threat of cyber assaults, and speeding up the recovery process. They also have a significant chance to differentiate, establish a competitive edge, and develop their business by doing so, while also enhancing consumer connection and engagement.
Transitioning from cyber to intangible asset insurance to cover non-cyber perils
Some market participants believe cyber insurance is inextricably linked to intangible asset insurance in general. As a result, harm to intangible assets with noncyber risks, which is rarely covered by traditional insurance, could be a natural future evolution of cyber insurance. Insurers would need to create new capabilities, have a better grasp of non-cyber hazards, and make use of their crisis management services to compete in this area. This could be a difficult task, but the rewards could be substantial.
The major players operating in the cyber insurance market are Allianz SE Financial Services Company, American International Group, Inc, Aon Insurance Company, Aspen Insurance Holdings Limited, AXA SA, AXIS Capital Holding Limited Company, Beazley PLC, Berkshire Hathaway Inc, Chubb Ltd, CNA Financial Insurance Company, Hartford Insurance Group, Legal & General Financial services, Lloyd’s of London Insurance Company, Lockton Companies, Muenchener Rueckvrschrng Gslchft AG, W. R. Berkley Insurance Group, Zurich Insurance Group, Markel Corporation, Alleghany Corporation, BCS Financial Corporation, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
In this report tells you TODAY how the cyber insurance market will develop in the next 10 years, and in-line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years.
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