Cyber Insurance is an insurance product aimed at protecting businesses and individuals from potential cybercrimes that could have devastating effects on operations. As the world grows increasingly digitized, so does the amount of malware, ransomware, DDoS attacks, and other hacking methods. Cyber Insurance, also referred to as cyber risk insurance or cybersecurity insurance, is designed to help companies mitigate the risks that come from malicious cyber activity. Cyber Insurance can cover a range of losses, including ransomware payments, criminal and civil liability, and damage to vendor relationships. You can find Cyber Insurance Market Size, Cyber Insurance Market Share, and other Cyber Insurance statistics below
The chart shows the Cyber Insurance Market Size in US premiums from 2015 to 2018. In 2018, the size of the Cyber Insurance Industry US Premiums was $2.03B. From 2015 to 2018 the Cyber Insurance Industry grew at an average 27% per year.
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The chart shows US Cyber Insurance Market Share in 2018. The leading insurer in the Cyber Insurance Industry was Chubb INA Holdings with 16% Cyber Insurance market share, followed by, AXA US with 12.6% market share, American International Group (AIG) with 11.4%, Travelers with 7.2%, Beazly Insurance with 5.5%, CNA Insurance with 4.1%, AXIS US Operations with 3.7%, while other companies make up 39.5%. View the source for this Cyber Insurance Market Share chart and other Cyber Insurance Statistics here.
The Cyber Insurance Market has some of the greatest growth potential in the Cybersecurity industry. Growth is driven by increased liability and losses associated with cybercrime, as well as awareness of cybercrime among company executives. Cyber Insurance has become increasingly important with stricter government data regulation policies. Cyber Crime is becoming more advanced and diverse. While cybersecurity is maturing and offering higher levels of protection, companies are understanding the value of an extra "safety bag" in case of a hack. Laws such as the GDPR and the brand new CCPA are also playing their role in increasing the growth of the Cyber Insurance Industry.
Access These Reports & MoreMarket research sources moderately disagree on the Cyber Insurance Market Size, moderately disagree on the Cyber Insurance Market Share, and moderately disagree on the Cyber Insurance Growth. The cause of disagreement is caused by lack of a single source of information regarding the Cyber Insurance Market. For the US, a prominent source is the National Association of Insurance Commissioners (NAIC), and a significant portion of Cyber Insurance market analysis is based on data from there. The NAIC gives a good picture of the US market, however, it is incomplete. For non-US Cyber Insurance Industry markets, sources are even more fragmented. For a complete evaluation of the Cyber Insurance market, T4 recommends exploring all available sources. T4 aggregated and organized the data from these sources on the T4 Industry Research Platform. See each source's view of the Cyber Insurance Market, Cyber Insurance Market Size, and Cyber Insurance Statistics on the T4 Platform.
T4 comprehensively aggregated more than 20 reports from more than 20 publishers covering Cyber Insurance Statistics and Trends. This includes Revenue by Region, # of Cyber Insurers, Cyber Insurance Premiums, Adoption by Business SIze, and more than 5 additional statistics. The Industry falls under T4's Cybersecurity industry coverage. Industries related to Cyber Insurance in the T4 taxonomy include Security Breaches, Governance Risk & Compliance. You can find reports covering these industries on T4’s Platform.
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