The Cyber Insurance Market is expected to grow at a CAGR of 2023-2030. Global Data expects enterprises to become the key market for Cyber Insurance Market over the next three years, outpacing the consumer segment. Cyber Insurance Market is already in use across retail, defense, airlines, oil and gas, and healthcare, primarily for training. The COVID-19 pandemic triggered a shift to remote working that has boosted the adoption of Cyber Insurance Market by enterprises for training, collaboration, data visualization, and customer experience. Cyber Insurance Market will be a key technology in the future of work, and the development of enterprise-grade metaverse platforms will further enhance its appeal.
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List of the Key Companies Profiled:
- Travelers Indemnity Company (U.S.)
- AXA XL (U.S.)
- Chubb (Switzerland)
- American International Group, Inc. (U.S.)
- Beazley Group (U.K.)
- AXIS Capital Holdings Limited (Bermuda)
- CNA Financial Corporation (U.S.)
- BCS Financial Corporation (U.S.)
- The Hanover Insurance, Inc. (U.S.)
- Zurich Insurance (Switzerland)
Driver: Increasing Rate of Recovery of Financial Losses to Stimulate Cyber Insurance Market Growth
The increase in the rate of recovery of financial losses is anticipated to augment the growth of the Cyber Insurance Market within the estimated period. Cyber Insurance Market helps all organizations and enterprises mitigate losses from a variety of incidents that take place every day, from a data breach involving sensitive customer information to network damage and disruption. Though does not protect any organization against the hack itself, it does offer help before, during, and after an attack. Further, it also helps with the costs associated with remediation, including payment for legal assistance, crisis communicators, investigators, and customer credits or refunds. However, the lack of awareness related to Cyber Insurance Market Moreover, the increasing adoption of artificial intelligence and blockchain technology for risk analytics is further anticipated to support the growth in the years to come.
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