Summary
WiseGuyReports.com adds “Cyber Insurance Market 2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
This report provides in depth study of “Cyber Insurance Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Cyber Insurance Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
This report focuses on the global Cyber Insurance status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cyber Insurance development in United States, Europe and China.
Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds. With cyber-attacks becoming the norm these days, even threatening to expand into a global epidemic, cyber-risk insurers across the globe are seeing organizations and end users scramble for protection from possible data and information security disasters.
North America dominates the cyber insurance market and accounts for around 89% of the overall cyber insurance market in 2016. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.
Most cyber insurance writers have shifted their writings to standalone policies and away from packaged policies; we found that more than 67% of the $2.19 billion total direct premiums written in 2016 were on a standalone basis. Insurers view standalone policies as more efficient and effective than packaged policies.
The top 3 cyber insurance writers are American International Group (AIG), Chubb and XL Group; these 3 companies had a combined market share of over 30 percent in 2016. The top 15 writers of cyber in this report held approximately 64 percent of the market in 2016.
The key players covered in this study AIG Chubb XL Group Beazley Allianz Zurich Insurance Munich Re Group Berkshire Hathaway AON AXIS Insurance Lockton CNA Travelers BCS Insurance Liberty Mutual
Market segment by Type, the product can be split into Stand-alone Cyber Insurance Packaged Cyber Insurance
Market segment by Application, split into Financial Institutions Retail and Wholesale Healthcare Business Services Manufacturing Technology Others
Market segment by Regions/Countries, this report covers United States Europe China Japan Southeast Asia India Central & South America
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Major Key Points in Table of Content
1 Report Overview 1.1 Study Scope 1.2 Key Market Segments 1.3 Players Covered 1.4 Market Analysis by Type 1.4.1 Global Cyber Insurance Market Size Growth Rate by Type (2013-2025) 1.4.2 Stand-alone Cyber Insurance 1.4.3 Packaged Cyber Insurance 1.5 Market by Application 1.5.1 Global Cyber Insurance Market Share by Application (2013-2025) 1.5.2 Financial Institutions 1.5.3 Retail and Wholesale 1.5.4 Healthcare 1.5.5 Business Services 1.5.6 Manufacturing 1.5.7 Technology 1.5.8 Others 1.6 Study Objectives 1.7 Years Considered
2 Global Growth Trends 2.1 Cyber Insurance Market Size 2.2 Cyber Insurance Growth Trends by Regions 2.2.1 Cyber Insurance Market Size by Regions (2013-2025) 2.2.2 Cyber Insurance Market Share by Regions (2013-2018) 2.3 Industry Trends 2.3.1 Market Top Trends 2.3.2 Market Drivers 2.3.3 Market Opportunities
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12 International Players Profiles 12.1 AIG 12.1.1 AIG Company Details 12.1.2 Company Description and Business Overview 12.1.3 Cyber Insurance Introduction 12.1.4 AIG Revenue in Cyber Insurance Business (2013-2018) 12.1.5 AIG Recent Development 12.2 Chubb 12.2.1 Chubb Company Details 12.2.2 Company Description and Business Overview 12.2.3 Cyber Insurance Introduction 12.2.4 Chubb Revenue in Cyber Insurance Business (2013-2018) 12.2.5 Chubb Recent Development 12.3 XL Group 12.3.1 XL Group Company Details 12.3.2 Company Description and Business Overview 12.3.3 Cyber Insurance Introduction 12.3.4 XL Group Revenue in Cyber Insurance Business (2013-2018) 12.3.5 XL Group Recent Development 12.4 Beazley 12.4.1 Beazley Company Details 12.4.2 Company Description and Business Overview 12.4.3 Cyber Insurance Introduction 12.4.4 Beazley Revenue in Cyber Insurance Business (2013-2018) 12.4.5 Beazley Recent Development 12.5 Allianz 12.5.1 Allianz Company Details 12.5.2 Company Description and Business Overview 12.5.3 Cyber Insurance Introduction 12.5.4 Allianz Revenue in Cyber Insurance Business (2013-2018) 12.5.5 Allianz Recent Development 12.6 Zurich Insurance 12.6.1 Zurich Insurance Company Details 12.6.2 Company Description and Business Overview 12.6.3 Cyber Insurance Introduction 12.6.4 Zurich Insurance Revenue in Cyber Insurance Business (2013-2018) 12.6.5 Zurich Insurance Recent Development 12.7 Munich Re Group 12.7.1 Munich Re Group Company Details 12.7.2 Company Description and Business Overview 12.7.3 Cyber Insurance Introduction 12.7.4 Munich Re Group Revenue in Cyber Insurance Business (2013-2018) 12.7.5 Munich Re Group Recent Development 12.8 Berkshire Hathaway 12.8.1 Berkshire Hathaway Company Details 12.8.2 Company Description and Business Overview 12.8.3 Cyber Insurance Introduction 12.8.4 Berkshire Hathaway Revenue in Cyber Insurance Business (2013-2018) 12.8.5 Berkshire Hathaway Recent Development 12.9 AON 12.9.1 AON Company Details 12.9.2 Company Description and Business Overview 12.9.3 Cyber Insurance Introduction 12.9.4 AON Revenue in Cyber Insurance Business (2013-2018) 12.9.5 AON Recent Development 12.10 AXIS Insurance 12.10.1 AXIS Insurance Company Details 12.10.2 Company Description and Business Overview 12.10.3 Cyber Insurance Introduction 12.10.4 AXIS Insurance Revenue in Cyber Insurance Business (2013-2018) 12.10.5 AXIS Insurance Recent Development 12.11 Lockton 12.12 CNA 12.13 Travelers 12.14 BCS Insurance 12.15 Liberty Mutual
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