Cyber Insurance Market to Grow at 24.5% CAGR from 2024 to 2032; Cowbell Inked Collaboration with Millennial Shift Technologies to Strengthen Industry Position

The global cyber insurance market size stood at USD 16.66 billion in 2023. The market value is slated to rise from USD 20.88 billion in 2024 to USD 120.47 billion by 2032 at a CAGR of 24.5% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Cyber Insurance Market Size, Share & COVID-19 Impact Analysis, By Insurance Type (Standalone and Tailored), By Coverage Type (First-party and Liability Coverage), By Enterprise Size (SMEs and Large Enterprise), By End-user (Healthcare, Retail, BFSI, IT & Telecom, Manufacturing, and Others), and Regional Forecast, 2024-2032”.

Rise in Remote Working Propelled Industry Growth Amid COVID-19 Pandemic

The COVID-19 pandemic led to an increase in the adoption of digitalization for business operations. The period witnessed an upsurge in phishing and ransomware attacks. Insurance policies are being deployed by small and large enterprises for getting full cyber coverage in the event of cyberattacks.

At-Bay Rolled out New Cyber Insurance Product Affordable and Accessible by Small Businesses

In January 2023, At-Bay rolled out new admitted solutions that are affordable and accessible by small enterprises. The solutions help in catering the security and insurance needs of small sized enterprises that are facing increasing online issues.

Some of the API advantages of At-Bay’s products include multiple insurance options and endpoints and seamless integration for selecting marketplace limits and building workflows.

Escalating Number of Cyberattacks and Data Breaches to Propel Industry Growth

Cyber insurance market growth is being impelled by an upsurge in the number of data breaches and cyberattacks across the globe. These cyberattacks affected the operating ability of organizations across an array of industries including education, healthcare, BFSI, and retail. The growing number of cyberattacks are due to increasing digitalization, mobile banking, internet banking, online shopping, and others.

However, the market expansion may be hampered by the high premium cost of cyber insurance services.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/cyber-insurance-market-106287

Key Companies Strike Collaborative Deals to Expand Product Reach

Major industry participants are centered on the adoption of a range of initiatives for the consolidation of their positions in the market. Some of these steps include acquisitions, merger agreements, and the rollout of new solutions. Additional initiatives constitute an increase in research activities and the development of new services.

Key Players

• Travelers Indemnity Company (U.S.)


• AXA XL (U.S.)


• Chubb (Switzerland)


• American International Group, Inc. (U.S.)


• Beazley Group (U.K.)


• AXIS Capital Holdings Limited (Bermuda)


• CNA Financial Corporation (U.S.)


• BCS Financial Corporation (U.S.)


• The Hanover Insurance, Inc. (U.S.)


• Zurich Insurance (Switzerland)

Key Industry Development

• February 2023 – Cowbell, a provider of cyber insurance, inked a collaboration with Millennial Shift Technologies. The deal was centered on the delivery of Cowbell’s cyber insurance programs, dubbed Cowbell Prime 100 and 250 for accessing mFactor, Millennial Shift’s e-trading broker platform, for better operations.

Further Report Findings

• North America cyber insurance market share is slated to record commendable growth throughout the projected period. The surge is on account of growing number of cyberattacks in the region.


• The Asia Pacific region is expected to register considerable expansion over the study period. The rise can be credited to the increasing number of ransom attacks in the region.


• Based on the type of insurance, the market is segmented into standalone and tailored. The standalone segment is poised to grow at an appreciable pace throughout the forecast period.


• By coverage type, the market is subdivided into first-party and liability coverage. The first-party insurance segment is anticipated to depict considerable expansion over the projected period.

 Table of Segmentation