Cyber Insurance Market 2020
The Worldwide Cyber Insurance Market Research study describes that it is an insurance product and is useful to ensure businesses as well as individual users from risks or threat of Internet, and mainly from risks or threats that associating to information technology activities and infrastructure. It has further stated that this type of risks are usually get excluded from conventional commercial comprehensive liability agreements or can say at least are not precisely interpreted in conventional insurance products.
The Global Cyber Insurance Market Report shares its market value was around 2920 million USD in 2017 and by 2023, it can cross that figure and reach up to 16700 million USD. As expected, it may grow at a CAGR of 33.8% between the year 2017 and 2023.
The Cyber Insurance Market segmentation based on companies covered in this report
Munich Re Group,
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The Cyber Insurance Market report illustrates that the coverage contributed by cyber-insurance agreements may contain coverage against losses for first-party such as data extortion, destruction, hacking, theft, and denial of service attacks; penalty coverage compensation to companies for losses because of other causes, for example, by omissions and errors, fail to protect data, or damaging the reputation; and other benefits such as regular post-incident public relations, security-audit, and investigative expenses, and criminal reward funds.
Global Cyber Insurance Market: Segmental Analysis
The report on the Cyber Insurance Market highlights its market status and perspective of Global and key regions, from different aspects of players, product type, end industries, and countries. The study shares the analysis of the top market players in the worldwide market, and segmentation of the Cyber Insurance market based on product type and applications or end industries. As cyber-attacks have become the norm these days, even compelling to widen into the global epidemic, cyber-risk insurers around the world are seeing organizations and end-users scramble for preservation from possible data and disasters of information security.
The market splitting based on Applications includes Retail and Wholesale, Financial Institutions, Manufacturing, Healthcare, Technology, Business Services, and Others. The top 3 ranking writers of cyber insurance are Chubb, American International Group (AIG), and XL Group. In 2016, the mentioned 3 companies had a collated market share of around 30%. The report includes the top 15 writers of cyber insurance and such writers held around 64% of the global market in the year 2016.
Global Cyber Insurance Market: Regional Analysis
The Global Cyber Insurance Market report shares the regional segmentation, it covers regions like North America, which incorporates Canada, United States, and Mexico; Europe, which incorporates Germany, Italy, UK, France, and Russia; Asia-Pacific, which incorporates Southeast Asia, India, China, Korea, and Japan; South America, which incorporates Argentina, Brazil, and Colombia; and Middle East and Africa, which includes UAE, Saudi Arabia, Nigeria, South Africa, and Egypt.
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