Cyber Insurance Market key players Berkshire Hathaway, American International Gr

Posted by Pradnya on June 24th, 2019

Cyber Insurance Market: Market Overview

Cyber insurance is offered by insurers as a solution due to growing number of data breaches worldwide which creates lots of damage to businesses. Loss of data is observed as one of the significant risks to businesses and has a massive effect on the company earnings. Various companies have started seeing for ways of protecting themselves against cyber threats. Traditional cyber insurance policies are provided only for protection against data loss. However, these cyber insurance policies are upgraded now as this financial loss incurred from the data breach. There is increasing demand for cyber insurance coverage from various industries. The cyber insurance terms and coverage of policies differ from insurer to insurer. Therefore it becomes complicated for users to understand it, which will result in adverse impact on the cyber insurance market.

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Due to complexity from cyber threats, many insurers are focusing on offering flexibility in cyber risk management tools. With the continuous advancement in technology, techniques of cyber-attacks also evolved, and several other verticals such as manufacturing, healthcare, retail, energy, and utilities are also affected by the cyber threats. Among all these verticals, the healthcare sector has established higher penetration of cyber liability insurance policies because many third-party data are available with them.

Global Cyber Insurance Market: Competition Landscape

Few prominent players in Cyber Insurance market include Berkshire Hathaway, American International Group, Inc., AON PLC, Zurich Insurance Co. Ltd, XL Group Ltd, Munich Re Group, Lloyd’s, Bin Insurer Holding, LLC, Lockton Companies, Inc., Pivot Point Risk Analytics, Allianz Global Corporate & Specialty, Quadmetrics, Inc., The Chubb Corporation and Beazley Plc.

Cyber Insurance Market: Regional Outlook                                                                                                  

North America is expected to dominate the cyber insurance market due to enforcement of data protection regulations in U.S. Moreover, increase in levels of liability and government policies development accelerate the growth of cyber insurance market. Europe is also expected to contribute significantly to cyber insurance market followed by Asia Pacific, Latin America, and MEA region.