Report Overview

GCC Cyber Insurance Market – Industry Trends & Forecast Report, 2030

GCC Cyber Insurance Market size by value was estimated at USD 125.8 million in 2023. During the forecast period between 2024 and 2030, GCC Cyber Insurance Market size is expected to expand at a CAGR of 3.20% reaching a value of USD 155.9 million by 2030. The Cyber Insurance Market in GCC (Gulf Cooperation Council) countries is driven by rising cyber threats and data breaches, increased digital transformation across industries, regulatory requirements mandating cyber insurance, growing awareness of cybersecurity risks, and the increasing adoption of cloud computing and IoT. Additionally, the region's expanding financial sector and the need to protect critical infrastructure further propel demand. Enhanced risk management strategies by businesses and the availability of tailored insurance products also contribute to market growth.

Cyber Insurance – Overview

Cyber insurance safeguards businesses and individuals from financial losses from cyberattacks, data breaches, and other cyber-related incidents. It covers incident response, data recovery, legal fees, and regulatory fines. The market for cyber insurance is growing due to increasing threats and regulatory requirements.

GCC Cyber Insurance Market     

Growth Drivers

Increased Regulatory Requirements

GCC Cyber Insurance Market is experiencing significant growth due to heightened regulatory requirements. Governments across the Gulf Cooperation Council (GCC) are implementing stringent data protection and cybersecurity regulations, compelling businesses to enhance their cyber risk management strategies. This regulatory push is driving organizations to seek comprehensive cyber insurance policies to comply with new laws, mitigate potential financial losses, and ensure resilience against cyber threats. Consequently, the demand for cyber insurance in the GCC region is rapidly increasing.

Challenges

High Insurance Premiums

GCC Cyber Insurance Market is constrained by high insurance premiums, which deter many businesses from obtaining adequate coverage. These elevated costs stem from the region's rising cyber threats and the corresponding need for robust security measures. As insurers face increased risk exposure, they transfer these costs to clients, making cyber insurance less accessible for small and medium enterprises (SMEs). This financial barrier hampers broader market growth and comprehensive cyber risk management adoption.

Impact of Escalating Geopolitical Tensions on GCC Cyber Insurance Market     

Intensifying geopolitical tensions among countries, particularly in the Middle East region, could significantly influence the growth of GCC Cyber Insurance Market. Rising cyber threats, including state-sponsored attacks and espionage, increase the demand for robust cyber insurance policies to mitigate potential financial losses. Businesses are increasingly aware of vulnerabilities and the need for comprehensive coverage against sophisticated cyber-attacks. Insurers are adapting by enhancing their policies to cover a broader spectrum of risks, including ransomware and data breaches. The heightened focus on cybersecurity also drives regulatory changes, prompting firms to adopt better risk management practices. Consequently, premiums may rise due to the increased risk, but the market is poised for growth as organizations seek to protect themselves against escalating cyber threats fueled by geopolitical instability.

GCC Cyber Insurance Market

Segmental Information

GCC Cyber Insurance Market – By Insurance Type

By insurance type, GCC Cyber Insurance Market is split into Standalone and Tailored segments. The standalone cyber insurance type segment is a larger contributor to the growth of GCC Cyber Insurance Market. The segment focuses on offering dedicated coverage for cyber risks, including data breaches, network security failures, and other digital threats. Standalone policies are favored for their specialized coverage and comprehensive protection against cyber incidents. The segment's growth is driven by increasing cyber threats and a rising need for targeted risk management solutions in the region.

GCC Cyber Insurance Market – By Coverage Type

Based on coverage type, GCC Cyber Insurance Market is split into First-party and Liability Coverage segments. The liability coverage segment holds a major share of GCC Cyber Insurance Market by coverage type. The segment addresses the financial risks associated with data breaches, legal claims, and regulatory penalties resulting from cyber incidents. Liability coverage is crucial for businesses to mitigate the impact of cyberattacks, including legal expenses and compensation claims, making it the dominant segment in terms of market size and importance compared to first-party coverage, which primarily covers direct financial losses.

GCC Cyber Insurance Market – By End User

By end user, GCC Cyber Insurance Market is divided into Healthcare, Retail, BFSI (Banking, Financial Services, and Insurance), IT & Telecom, Manufacturing, and Others (Government, Travel & Tourism) segments. BFSI is the largest end user segment in GCC Cyber Insurance Market. The sector holds a prominent share due to its high vulnerability to cyber threats and regulatory requirements for robust security measures. Financial institutions require comprehensive cyber insurance policies to safeguard against potential data breaches, financial losses, and operational disruptions, driving the significant market share of this segment.

GCC Cyber Insurance Market – By Country

By countries, GCC Cyber Insurance Market is divided into Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman. The UAE is leading in GCC Cyber Insurance Market. The dominance is attributed to its advanced digital infrastructure, high adoption of technology, and stringent regulatory environment. The UAE's significant number of businesses and government entities seeking to safeguard their digital assets against cyber threats further drives this large market share. Additionally, the growing awareness of cybersecurity risks among UAE companies contributes to its leading position in the GCC region.

Competitive Landscape

Key players in the highly competitive GCC Cyber Insurance Market include AIG (American International Group), Chubb, AXA XL, Allianz, Zurich Insurance Group, Marsh, AON, Beazley, Qatar Insurance Company, Saudi Arabian Insurance Company (SAIC), and Etisalat Digital. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Insurance Type

• Standalone

• Tailored

By Coverage Type

• First-party

• Liability Coverage

By Enterprise Size

• SMEs

• Large Enterprises

By End User

• Healthcare

• Retail

• BFSI (Banking, Financial Services, and Insurance)

• IT & Telecom

• Manufacturing

• Others (Government, Travel & Tourism)

By Countries

• Saudi Arabia

• UAE

• Qatar

• Bahrain

• Kuwait

• Oman

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. GCC Cyber Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Surge in Cyberattacks
         2. Increased Regulatory Requirements
         3. Growing Reliance on Technology
      2. Restrains
         1. Limited Market Penetration
         2. High Insurance Premiums
         3. Data Sharing Concerns
      3. Opportunities
         1. Development of New Products
         2. Focus on InsurTech Solutions
         3. Focus on SME Market
      4. Challenges
         1. Cybercrime Landscape Evolution
         2. Limited Claims History
         3. Evolving Regulatory Landscape
   3. Technological 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. GCC Cyber Insurance Market: Marketing Strategies
5. GCC Cyber Insurance Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Insurance Type
         1. Standalone
         2. Tailored
      2. By Coverage Type
         1. First-party
         2. Liability Coverage
      3. By Enterprise Size
         1. SMEs
         2. Large Enterprise
      4. By End User
         1. Healthcare
         2. Retail
         3. BFSI (Banking, Financial Services, and Insurance)
         4. IT & Telecom
         5. Manufacturing
         6. Others (Government, Travel & Tourism)
      5. By Countries
         1. Saudi Arabia
         2. UAE
         3. Qatar
         4. Bahrain
         5. Kuwait
         6. Oman
6. Saudi Arabia Cyber Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Drug Type
      2. By Channel
      3. By End User
7. UAE Cyber Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Insurance Type
      2. By Coverage Type
      3. By Enterprise Size
      4. By End User
8. Qatar Cyber Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Insurance Type
      2. By Coverage Type
      3. By Enterprise Size
      4. By End User
9. Bahrain Cyber Insurance Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Insurance Type
      2. By Coverage Type
      3. By Enterprise Size
      4. By End User
10. Kuwait Cyber Insurance Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Insurance Type
       2. By Coverage Type
       3. By Enterprise Size
       4. By End User
11. Oman Cyber Insurance Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Insurance Type
       2. By Coverage Type
       3. By Enterprise Size
       4. By End User
12. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. GCC Cyber Insurance Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
13. Impact of Escalating Geopolitical Tensions on GCC Cyber Insurance Market
14. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. AIG (American International Group)
    2. Chubb
    3. AXA XL
    4. Allianz
    5. Zurich Insurance Group
    6. Marsh
    7. AON
    8. Beazley
    9. Qatar Insurance Company
    10. Saudi Arabian Insurance Company (SAIC)
    11. Etisalat Digital
    12. Other Prominent Players
15. Key Strategic Recommendations
16. 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.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

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

List of Figures

Figure 1       GCC Cyber Insurance Segmentation

Figure 2       GCC Cyber Insurance Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       GCC Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 5       GCC Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 6       GCC Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 7       GCC Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 8       GCC Cyber Insurance Market Share, By End User, By Value, 2019–2030

Figure 9       GCC Cyber Insurance Market Share, By Country, By Value, 2019–2030

Figure 10     Saudi Arabia Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 11     Saudi Arabia Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 12     Saudi Arabia Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 13     Saudi Arabia Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 14     Saudi Arabia Cyber Insurance Market Share, By End User, By Value, 2019–2030

Figure 15     UAE Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 16     UAE Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 17     UAE Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 18     UAE Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 19     UAE Cyber Insurance Market Share, By End User, By Value, 2019–2030

Figure 20     Qatar Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 21     Qatar Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 22     Qatar Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 23     Qatar Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 24     Qatar Cyber Insurance Market Share, By End User, By Value, 2019–2030

Figure 25     Bahrain Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 26     Bahrain Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 27     Bahrain Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 28     Bahrain Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 29     Bahrain Cyber Insurance Market Share, By End User, By Value, 2019–2030

Figure 30     Kuwait Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 31     Kuwait Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 32     Kuwait Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 33     Kuwait Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 34     Kuwait Cyber Insurance Market Share, By End User, By Value, 2019–2030

Figure 35     Oman Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Figure 36     Oman Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Figure 37     Oman Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Figure 38     Oman Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Figure 39     Oman Cyber Insurance Market Share, By End User, By Value, 2019–2030

List of Tables

Table 1        GCC Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 2        GCC Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 3        GCC Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 4        GCC Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 5        GCC Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 6        GCC Cyber Insurance Market Share, By Country, By Value, 2019–2030

Table 7        Saudi Arabia Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 8        Saudi Arabia Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 9        Saudi Arabia Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 10      Saudi Arabia Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 11      Saudi Arabia Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 12      UAE Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 13      UAE Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 14      UAE Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 15      UAE Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 16      UAE Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 17      Qatar Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 18      Qatar Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 19      Qatar Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 20      Qatar Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 21      Qatar Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 22      Bahrain Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 23      Bahrain Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 24      Bahrain Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 25      Bahrain Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 26      Bahrain Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 27      Kuwait Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 28      Kuwait Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 29      Kuwait Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 30      Kuwait Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 31      Kuwait Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 32      Oman Cyber Insurance Market Size, By Value (USD Million), 2019–2030

Table 33      Oman Cyber Insurance Market Share, By Insurance Type, By Value, 2019–2030

Table 34      Oman Cyber Insurance Market Share, By Coverage Type, By Value, 2019–2030

Table 35      Oman Cyber Insurance Market Share, By Enterprise Size, By Value, 2019–2030

Table 36      Oman Cyber Insurance Market Share, By End User, By Value, 2019–2030

Table 37      AIG (American International Group) Company Overview

Table 38      AIG (American International Group) Financial Overview

Table 39      Chubb Company Overview

Table 40      Chubb Financial Overview

Table 41      AXA XL Company Overview

Table 42      AXA XL Financial Overview

Table 43      Allianz Company Overview

Table 44      Allianz Financial Overview

Table 45      Zurich Insurance Group Company Overview

Table 46      Zurich Insurance Group Financial Overview

Table 47      Marsh Company Overview

Table 48      Marsh Financial Overview

Table 49      AON Company Overview

Table 50      AON Financial Overview

Table 51      Beazley Company Overview

Table 52      Beazley Financial Overview

Table 53      Qatar Insurance Company - Company Overview

Table 54      Qatar Insurance Company Financial Overview

Table 55      Saudi Arabian Insurance Company (SAIC) Company Overview

Table 56      Saudi Arabian Insurance Company (SAIC) Financial Overview

Table 57      Etisalat Digital Company Overview

Table 58      Etisalat Digital Financial Overview

Table 59      Other Prominent Players Company Overview

Table 60      Other Prominent Players Financial Overview