Cyber Liability Insurance in the US - Industry Market Research Report

Cyber Liability Insurance in the US - Industry Market Research Report

Cyber Liability Insurance in the US

The Cyber Liability Insurance industry has benefited from more services being conducted online, leading more users to exchange their personal and financial information online. Cyberattacks and hacking could result in customer identity theft and financial loss for a company, placing liability on the business. Cyber liability insurance has become increasingly attractive to companies seeking protection against financial losses from legal issues stemming from data breaches. E-commerce and online auctions have increased demand for services as these online retailers often fall victim to cybersecurity attacks. Over the past five years, revenue has been growing at a CAGR of 19.8%, and is expected to reach $6.0 billion in 2023. This includes an expected 7.7% increase in 2023 alone. Profit is expected to climb to 16.4% of revenue in 2023, up from 11.9% in 2018.

This industry underwrites (i.e., assumes risk and assigns premiums) cyber liability insurance, which is used to protect businesses’ and working professionals’ lost income or liabilities related to business interruptions, network security, internet liability, electronic communications, intangible assets and online content liability.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.