The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020 and will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. This report reveals that cybersecurity was thrust into the spotlight in 2020 as the COVID-19 pandemic forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. This has made the need for cyber insurance apparent to businesses, but the market is not as easy to navigate as it once was.
Ben Carey-Evans, Insurance Analyst at GlobalData, comments:
“The cyber insurance market has seen rapid expansion in recent years, with customers enjoying high coverage limits, flat rates, and abundant capacity as insurers sought to capture business in a highly competitive market. Despite lower cover limits and increasing premiums, we expect the cyber insurance market to see continual strong year-on-year growth up to 2025. The need for robust cybersecurity and cyber insurance is becoming apparent to businesses of all types and sizes, as the frequency and severity of cyberattacks continues to rise.”
The global cyber insurance market generated $7.01bn in premiums in 2020.
The market is forecast to post strong growth over the next five years, generating $20.6bn in 2025.
More providers are entering the market for personal cyber insurance, but only 2.8% of UK consumers hold such a product.
Reasons to Buy
Benchmark yourself against the rest of the market.
Ensure you remain competitive as new innovations and insurance models begin to enter the market.
Be prepared for how regulation will impact the cyber insurance market over the next few years.
Accenture, AIG, Aon, Arthur J. Gallagher, Aviva, AXA, AXIS, Beazley, Chubb, Cisco, CAN, Fairfax, HSB, Hiscox, IBM, Liberty Mutual, Marsh, Microsoft, Palo Alto Networks, Proofpoint, Travelers, Willis Towers Watson, Zurich, At-Bay, CyberCube, PwC, SecurityScorecard, Simply Business, Superscript, Tapoly, ThreatInformer, Zeguro
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The UK cyber insurance market
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