The Cyber Insurance Global Market Report 2020-30 by The Business Research Company describes and explains the global cyber insurance market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The Cyber
Insurance Global Market Opportunities And Strategies Report covers cyber
insurance market drivers, cyber insurance market trends, cyber insurance market
segments, cyber insurance market growth rate, cyber insurance market major
players, and cyber insurance market size.
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Trends in the market include:
Cyber insurance providers are increasingly
using big data analytics solutions for faster claim assessment and risk
identification. Big data is being used in claims management, pricing,
underwriting and risk selection processes among others. This growth in the use
of big data is mainly driven by increasing points of contact including social
media, which provides a bulk of data that can be transformed into insights by
insurers to efficiently execute the settlement process. Big data consists of
high-volume, high-variety and high-velocity information, and this benefits
insurers in multiple ways such as faster identification and reporting of
events, automatic claim assessment and calculation of loss reserves. According to a survey by Willis Towers
Watson, a UK-based risk management, insurance brokerage and advisory company,
in 2017, 46% of insurance providers were using big data analytics solutions to
analyze unstructured internal claim information, and this is expected to
increase to 92% by 2020.
Shift From Endorsement To Standalone
Policies-
Cyber insurance companies are seeing a
shift of policy buyers from endorsement to standalone policies. Endorsement
policies are attached to property and casualty policies, whereas standalone
cyber insurance policies refer to insurance policies covering threats from
cybersecurity breach events. Standalone cyber insurance policies typically
offer liability coverage for losses related to data breaches. Businesses filing
a cyber-incident related insurance claim under standalone policies are able to
receive monetary compensation of their legal and investigative fees as well as
the cost the loss incurred . According to PartnerRe’s survey among cyber
insurance policy holders, the availability of the dedicated limits for
cyberattacks was the major reason for the shift from endorsement to standalone
policies. Other reasons for the shift included demand for expanded Business
Interruption coverage, expanded coverage of other areas by endorsement
policies, and expanded monetary limit in case of the data breach .
The market is segmented:
By Type Of Insurance-
a) Standalone
b) Package
c) Personal
By Size Of Business-
a) Mid
b) Large
c) Small
By Type Of Claim-
a) Ransomware
b) Hacker
c) Business Email Compromise
d) Malware/Virus
e) Phishing
f) Others
g) Third Party
h) Rogue Employee
i) Legal Action
j) Paper Records
k) Programming Error
l) Staff Mistake
m) Lost/Stolen Laptop/Device
By End-Use -
a) Professional Services
b) Media
c) Healthcare
d) Others
e) Government Bodies (Public)
f) Financial Services
g) Retail And Wholesale
h) Education
i) Manufacturing
j) IT Services
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