A byproduct of dealing with threats in the IT & Telecommunications sector giving rise to the cyber insurance market

Market Research Future has published a Cooked Research Report on the Global Cyber Insurance Market.

The global cyber insurance market is expected to register a CAGR of 26.57% from 2023 to 2032. The market is expected to reach USD  68.35824012 billion by 2032. Due to the growth of the Internet and the risks associated with online browsing, a novel insurance product called "cyber insurance" is available. It enables businesses to take financial precautions against ransomware, malware, and other threats that could compromise the integrity of their operations.

Due to a sizable section of the world's population spending time online and the numerous cyber hazards that result, there may be a market for cyber insurance. Policymakers and regulatory bodies' efforts to bolster defenses can significantly increase market demand. Growing data privacy regulations like the Health Insurance Portability and Accountability Act (HIPAA) and the EU's General Data Protection Regulation (GDPR) may help the demand even more. The proactive steps businesses take to prevent losses show the market's expanding potential in the upcoming years.

Due to the implementation of blockchain and risk analytics technologies, the demand for cyber insurance services is anticipated to increase significantly throughout the projected period. Underwriters employ risk analytics to evaluate premium valuations for digital assets and solutions. Quicker payments and transactions can facilitate demand without an intermediary. Insurers' demands for first-party coverage may also influence the worldwide cyber insurance market because of their increased online presence.

Regional Analysis

North America is expected to be in the leading position in the markets. Due to the existence of significant multinational corporations across a variety of industries, North America is anticipated to dominate the worldwide market. Due to the requirement to monitor and investigate cyber threats, the U.S. generates maximum revenue in that region. Due to prominent corporations' understanding of the market and the assistance of European Union policymakers considering several data breaches, Europe is poised to take the second lead in the global cyber insurance market. A boost in the region's ease of doing business rankings could result from establishing cyber security norms and cooperation between public and private players to ensure cyber insurance.

Market Segmentation

This industry is further divided into two groups depending on the component, type, size, and vertical when it comes to market segmentation. The components are divided into solution and service segments, with the solutions sector taking the lead and expected to record an 18% CAGR. While the sizes are further separated into large and SMEs, the types are further divided into first-party and third-party coverage, with first-party coverage being chosen to a maximum degree. Regarding addressing verticals, BFSI, IT & Telecommunications, Retail, and Healthcare are considered. Here, IT and telecommunications are expected to generate the maximum revenue and register a CAGR of around 33.24%.

Key Players

• Tata Consultancy Services Limited (India)


• Guy Carpenter and Company LLC. (U.S.)


• At-Bay Inc. (U.S.)


• Lloyds Bank PLC (U.K.)


• AXA SA (France)


• Cisco Systems Inc. (U.S.)


• Chubb Limited (Switzerland)


• Apple Inc. (U.S.)


• American International Group Inc. (U.S.)


• Zurich Insurance Group (Switzerland)


• Beazley Group PLC (U.K.)


• Lockton Companies (U.S.)


• AON Plc (U.K.)