Cybercrime in North America accounts for more than half of market growth – report

Cybercrime in North America responsible for more than half of market growth – report | America of the Insurance Business

This segment is expected to record double-digit growth between 2022 and 2027

The global cyber insurance market is expected to witness significant growth, estimated at USD 42.81 billion during 2022-2027, with North America expected to lead this growth, accounting for 57% during the forecast period.

Additionally, the widespread adoption of technology, the surge in online transactions, and the growth of the e-commerce sector are other catalysts driving the cyber insurance market in North America. The report identifies key vendors such as Aon, At-Bay, AXA and Beazley as cyber protection providers and integral players in the continued expansion of the market.

Challenges that will hinder the development of the cyber sector

The report identified the lack of standardization as a significant challenge hindering market development. The lack of clear and uniform cybersecurity insurance terms leads to exclusions and limitations, creating gaps that expose end users to potential financial losses. Additionally, the lack of standard guidelines complicates risk assessment for insurance companies and affects their ability to determine the appropriate level of coverage.

With this in mind, the forecast predicts significant growth in the large enterprise segment. This sector, exposed to a higher risk of cyber attacks, is increasingly opting for cyber insurance to mitigate the financial consequences of security breaches.

Increased demand from large enterprises has led providers to tailor packages to meet their specific needs, including increased coverage limits, comprehensive services, specialized support and global reach. These tailor-made solutions address the specific needs of large enterprises and contribute significantly to the segment growth in the cyber insurance market.

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