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Europe Cyber Insurance Market

Europe Cyber Insurance Market

Europe Cyber Insurance Market - By Component (Solution, Services); By Insurance Type (Standalone, Tailored); By Organization Size (Large Enterprises, Small & Medium Sized Enterprises); By Application (Banking & Financial Services, IT & Telecom, Healthcare, Retail, Others); By Country (Germany, UK, Italy, France, Spain, The Netherlands, Belgium, Nordic Countries, Rest of Europe); Trend Analysis, Competitive Landscape & Forecast, 2023–2029

  • Published Date: January 2023
  • Report ID: BWC23002
  • Available Format: PDF
  • Page: 190

Report Overview

An increasing focus on effectively managing the rising risk of cyberattacks and stringent regulations by EU authorities to mitigate the risk of cybercrimes in the region are expected to drive Europe cyber insurance market at an impressive growth rate during the forecast period between 2023 and 2029.

Europe Cyber Insurance Market - Industry Trends & Forecast Report, 2029

Europe cyber insurance market size is projected to grow at a CAGR of 38.20% during the forecast period between 2023 and 2029. The market is registering tremendous growth owing to the rising risk of cyberattacks along with favorable regulations by EU authorities to mitigate the risk of cybercrimes in Europe. According to Munich RE, a Germany-based insurance company, the demand for cyber insurance is gaining traction across various industries including healthcare, manufacturing, and government institutions. The rise in remote working culture post COVID–19 outbreak has also emerged as the major driving factor for the growth of the Europe cyber insurance market.

Europe Cyber Insurance Market – Overview

Cyber insurance is a specialized insurance policy created to shield companies against risks associated with information technology infrastructure and operations, as well as dangers that are Internet-based. First-party protection against losses such as data loss, extortion, theft, hacking, and denial of service attacks are some examples of the coverage offered by cyber-insurance plans. Liability coverage, which reimburses organizations for damages they cause to third parties, is another option. The financial damages brought on by cyber events and incidents are aided by cyber insurance plans. The costs of cleanup, including paying for legal counsel, investigators, crisis communicators, and consumer credits or refunds, are also assisted by cyber-risk coverage.

Europe Cyber Insurance Market

Growth Drivers

Rising Frequency and Sophistication of Cyber Threats

The rising volume of data propelled by remote working culture, increasing use of IoT, and the roll–out of 5G are boosting the need for cyber insurance in Europe to mitigate the losses. According to a study by the British Chambers of Commerce, one in 10 firms has been a victim of a cyberattack in 2021. However, four out of five firms have not adopted any cybersecurity measure to protect against such breaches. The risk of various types of cyberattacks including fraudulent SMS campaigns, using targeted social engineering to gain access to the passwords to customer databases, or hacking home networks is at an all-time high after the penetration of hybrid working. These factors are anticipated to boost the demand for cyber insurance in Europe during the forecast period.

Restraints

Huge Shortage of Skills and Availability of Cybersecurity Specialists

Although the European cyber insurance market carries huge potential, a considerable gap between the required skill set and the availability of cybersecurity specialists acts as a huge restraining factor for the market growth. According to the data released by ENISA, the number of graduates in cybersecurity is expected to double in the next 2–3 years. However, the women workforce remains only 20% of the workforce, which is a cause for concern. Furthermore, not many insurance providers in Europe provide cyber insurance solutions and services, which also hinders market growth.

Impact of COVID-19 on Europe Cyber Insurance Market

The unprecedented COVID–19 outbreak offered tremendous growth opportunities to the Europe cyber insurance market. The pandemic induced the remote working culture in Europe, which resulted in a significant spike in the volumes of data and cyberattacks and data breaches. According to the European Union’s Cybersecurity Agency (ENISA), significant harmful attacks against important sectors more than quadrupled in Europe in 2020, from 146 in 2019 to 304 incidents. A cyberattack on the IT network of the Irish health service has resulted in a temporary suspension of operations. Cyberattacks also led to huge financial losses for the BFSI sector in 2020. All these results in a surge in demand for cyber insurance in the European market.

Europe Cyber Insurance Market

Segmental Coverage

Europe Cyber Insurance Market – By Component

Based on components, Europe cyber insurance market is segregated into solutions and services. The solution segment accounts for the largest market share and is expected to dominate the market during the forecast period as well. These solutions cover conventional cybersecurity risks including “data security breaches and cost coverage for ransom payments in case of cyber extortion, to business interruption covers due to physical cyber damage or any operational disruption, including forensics costs' ' (munichre.com). As a result, organizations are highly inclined towards cyber insurance solutions, which drives the market growth.

Europe Cyber Insurance Market – By Insurance Type

Based on insurance type, Europe cyber insurance market is segmented into standalone and tailored segments. The standalone segment holds a higher share of the market as it provides protection against a wide range of potential risks including data losses, fund transfer loss, and business interruption. However, the tailored cyber insurance type is expected to record growth at a higher CAGR during the forecast period as it offers customized solutions and services to different industries according to their needs and risks type, which is why it is gaining huge popularity in industries such as healthcare, manufacturing, and retail.

Europe Cyber Insurance Market – By Organization Size

Based on organization size, the Europe cyber insurance market is segmented into large enterprises and small & medium-sized enterprises (SMEs). The large enterprise segment held the largest market share in 2022. Large enterprises deal with high volumes of data every day, which increases the risk of cyberattacks and data breaches. As a result, these organizations significantly invest in cybersecurity products including cyber insurance to mitigate their risks and losses. However, SMEs are projected to register the highest growth rate during the forecast period.

Europe Cyber Insurance Market – By Application

Based on application, Europe cyber insurance market is segregated into banking & financial services, IT & telecom, healthcare, retail, and others. The banking and financial services sector accounts for the highest market share owing to the high risks and the number of financial frauds in this sector. Cybersecurity risks, such as hacking, ransomware, and distributed denial of service (DDoS) attacks, are common in the BFSI sector, which can cause huge financial losses to organizations. The rising popularity of internet banking and payment apps is further boosting the risks of cyberattacks, which is expected to boost the demand for cyber insurance in the banking & financial services sector.

Europe Cyber Insurance Market – By Country

Geographically, Europe cyber insurance market covers the following major countries: Germany, the UK, Italy, France, Spain, the Netherlands, Belgium, Nordic Countries, and Rest of Europe. France dominates the Europe cyber insurance market in terms of growth potential and opportunities for cybersecurity products and services. Following France, the UK, Germany, Ireland, and Italy are also expected to register high growth rates during the forecast period. European countries, such as the Netherlands, Bulgaria, Belarus, and Hungary, are among the most cyber-insecure countries, according to Specops Software, a Sweden–based software company. Due to this, the demand for cyber insurance is anticipated to flourish in Europe during the forecast period.

Competitive Landscape

Europe cyber insurance market is fiercely competitive. Prominent players in the market include Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group, and Lloyd’s Group of London Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

  • In November 2022 - Corvus Insurance, a US–based Smart Commercial Insurance products provider, partnered with The Travelers Companies, Inc., to provide cyber insurance products and services in continental Europe.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period– 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

Germany, UK, Italy, France, Spain, The Netherlands, Belgium, Nordic Countries, Rest of Europe

Product/ Service Segmentation

Component, Insurance Type, Organization Size, Application, Country

Key Players

Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group, Lloyd’s Group of London Ltd.

 

 

By Component

  • Solution

  • Services

By Insurance Type

  • Standalone

  • Tailored

By Organization Size

  • Large Enterprises

  • Small & Medium-sized Enterprises

By Application

  • Banking & Financial Services

  • IT & Telecom

  • Healthcare

  • Retail

  • Others

By Country

  • Germany

  • UK

  • Italy

  • France

  • Spain

  • The Netherlands

  • Belgium

  • Nordic Countries

  • Rest of Europe

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Europe Cyber Insurance Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Rising Frequency and sophistication of Cyber threats
        2. Growing Rate of recovery of financial losses to promote market growth
        3. Rising Cyber Attacks and Data breaches
      2. Restraints
        1. Lack of Standardized Policies
        2. High Premium Cost
      3. Opportunities
        1. Expansion of products & services
        2. Untapped potential of Emerging Economies
      4. Challenges
        1. Data Privacy Concerns
        2. Lack of understanding, technical knowledge
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Europe Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
        1. Solution
        2. Services
      2. By Insurance Type
        1. Standalone
        2. Tailored
      3. By Organization Size
        1. Large Enterprises
        2. Small & Medium Sized Enterprises
      4. By Application
        1. Banking & Financial Services
        2. IT & Telecom
        3. Healthcare
        4. Retail
        5. Others
      5. By Country
        1. Germany
        2. UK
        3. Italy
        4. France
        5. Spain
        6. The Netherlands
        7. Belgium
        8. Nordic Countries
        9. Rest of Europe
  5. Germany Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  6. UK Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  7. Italy Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  8. France Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  9. Spain Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  10. The Netherland Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  11. Belgium Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  12. NORDIC Countries Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  13. Rest of Europe Cyber Insurance Market Overview
    1. Market Size & Forecast by Value, 2019−2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Insurance Type
      3. By Organization Size
      4. By Application
  14. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Europe Cyber Insurance Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  15. Impact of Covid-19 on Europe Cyber Insurance Market
  16. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Aon Plc.
    2. American International Group, Inc. (AIG)
    3. Allianz Group
    4. Berkshire Hathaway, Inc.
    5. Lockton Companies, Inc.
    6. Chubb Limited
    7. Munich Re Group
    8. AXA XL SA
    9. Zurich Insurance Group
    10. Lloyd’s Group of London Ltd.
    11. Other Prominent Players
  17. Key Strategic Recommendations
  18. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figure

Figure 1      Europe Cyber Insurance Market Segmentation

Figure 2      Europe Cyber Insurance Market Value Chain Analysis

Figure 3      Company Market Share Analysis, 2022

Figure 4      Europe Cyber Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 5      Europe Cyber Insurance Market Share, By Component, By Value, 2019–2029

Figure 6      Europe Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2029

Figure 7      Europe Cyber Insurance Market Share, By Organization Size, By Value, 2019–2029

Figure 8      Europe Cyber Insurance Market Share, By Application, By Value, 2019–2029

Figure 9      Europe Cyber Insurance Market Share, By Country, By Value, 2019–2029

Figure 10    Germany Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 11    Germany Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 12    Germany Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 13    Germany Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 14    Germany Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 15    UK Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 16    UK Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 17    UK Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 18    UK Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 19    UK Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 20    Italy Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 21    Italy Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 22    Italy Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 23    Italy Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 24    Italy Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 25    France Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 26    France Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 27    France Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 28    France Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 29    France Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 30    Spain Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 31    Spain Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 32    Spain Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 33    Spain Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 34    Spain Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 35    The Netherlands Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 36    The Netherlands Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 37    The Netherlands Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 38    The Netherlands Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 39    The Netherlands Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 40    Belgium Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 41    Belgium Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 42    Belgium Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 43    Belgium Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 44    Belgium Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 45    NORDIC Countries Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 46    NORDIC Countires Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 47    NORDIC Countires Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 48    NORDIC Countires Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 49    NORDIC Countires Cyber Insurance Market Share, By Application, By Value, 2019−2029

Figure 50    Rest of Europe Cyber Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 51    Rest of Europe Cyber Insurance Market Share, By Component, By Value, 2019−2029

Figure 52    Rest of Europe Cyber Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 53    Rest of Europe Cyber Insurance Market Share, By Organization Size, By Value, 2019−2029

Figure 54    Rest of Europe Cyber Insurance Market Share, By Application, By Value, 2019−2029

 

List of Table

Table 1    Europe Cyber Insurance Market Size, By Component Type, By Value, 2019–2029

Table 2    Europe Cyber Insurance Market Size, By Insurance Type, By Value, 2019–2029

Table 3    Europe Cyber Insurance Market Size, By Organization Size, By Value, 2019–2029

Table 4    Europe Cyber Insurance Market Size, By Application, By Value, 2019–2029

Table 5    Europe Cyber Insurance Market Size, By Country, By Value, 2019–2029

Table 6    Germany Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 7    Germany Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 8    Germany Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 9    Germany Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 10   UK Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 11   UK Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 12   UK Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 13   UK Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 14   Italy Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 15   Italy Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 16   Italy Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 17   Italy Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 18   France Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 19   France Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 20   France Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 21   France Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 22   Spain Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 23   Spain Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 24   Spain Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 25   Spain Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 26   The Netherlands Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 27   The Netherlands Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 28   The Netherlands Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 29   The Netherlands Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 30   Belgium Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 31   Belgium Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 32   Belgium Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 33   Belgium Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 34   NORDIC Countires Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 35   NORDIC Countires Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 36   NORDIC Countires Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 37   NORDIC Countires Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 38   Rest of Europe Cyber Insurance Market Size, By Component, By Value, 2019−2029

Table 39   Rest of Europe Cyber Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 40   Rest of Europe Cyber Insurance Market Size, By Organization Size, By Value, 2019−2029

Table 41   Rest of Europe Cyber Insurance Market Size, By Application, By Value, 2019−2029

Table 42   Aon Plc. Company Overview

Table 43   Aon Plc. Financial Overview

Table 44   American International Group, Inc. (AIG) Company Overview

Table 45   American International Group, Inc. (AIG) Financial Overview

Table 46   Allianz Group Company Overview

Table 47   Allianz Group Financial Overview

Table 48   Berkshire Hathaway, Inc. Company Overview

Table 49   Berkshire Hathaway, Inc. Financial Overview

Table 50   Lockton Companies, Inc. Company Overview

Table 51   Lockton Companies, Inc. Financial Overview

Table 52   Chubb Limited Company Overview

Table 53   Chubb Limited Financial Overview

Table 54   Munich Re Group Company Overview

Table 55   Munich Re Group Financial Overview

Table 56   AXA XL SA Company Overview

Table 57   AXA XL SA Financial Overview

Table 58   Zurich Insurance Group Company Overview

Table 59   Zurich Insurance Group Financial Overview

Table 60   Lloyd’s Group of London Ltd Company Overview

Table 61   Lloyd’s Group of London Ltd Financial Overview

 

Market Segmentation

By Component

  • Solution

  • Services

By Insurance Type

  • Standalone

  • Tailored

By Organization Size

  • Large Enterprises

  • Small & Medium-sized Enterprises

By Application

  • Banking & Financial Services

  • IT & Telecom

  • Healthcare

  • Retail

  • Others

By Country

  • Germany

  • UK

  • Italy

  • France

  • Spain

  • The Netherlands

  • Belgium

  • Nordic Countries

  • Rest of Europe

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Frequently Asked Questions (FAQs):

Ans: The Netherlands is expected to grow at the fastest rate in Europe Cyber Insurance Market during the forecast period.
Ans: Major factors driving the growth of Europe Cyber Insurance Market include rising frequency and sophistication of cyber threats and growing rate of recovery of financial losses.
Ans: Europe Cyber Insurance Market is expected to grow at a CAGR of 38.20% during the forecast period between 2023 and 2029.
Ans: Key players in Europe Cyber Insurance Market include Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group, and Lloyd’s Group of London Ltd.
Ans: The BFSI segment held the highest market share in Europe Cyber Insurance Market by application.