Europe Cyber Insurance Market
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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
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Europe Cyber Insurance Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Rising Frequency and sophistication of Cyber threats
- Growing Rate of recovery of financial losses to promote market growth
- Rising Cyber Attacks and Data breaches
- Restraints
- Lack of Standardized Policies
- High Premium Cost
- Opportunities
- Expansion of products & services
- Untapped potential of Emerging Economies
- Challenges
- Data Privacy Concerns
- Lack of understanding, technical knowledge
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Europe Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- 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
- By Component
- Market Size & Forecast by Value, 2019−2029
- Germany Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- UK Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- Italy Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- France Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- Spain Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- The Netherland Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- Belgium Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- NORDIC Countries Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- Rest of Europe Cyber Insurance Market Overview
- Market Size & Forecast by Value, 2019−2029
- By Value (USD Million)
- Market Share & Forecast
- By Component
- By Insurance Type
- By Organization Size
- By Application
- Market Size & Forecast by Value, 2019−2029
- Competitive Landscape
- List of Key Players and Their Offerings
- Europe Cyber Insurance Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Europe Cyber Insurance Market
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- 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.
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
*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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