Bloomberg reports that a recent surge in high-profile cyberattacks has created a lucrative opportunity for insurers like Munich Re AG and Chubb Ltd. to capitalise on an expanding market, driving a necessary rethink on premiums.
Key Points
- The global cyber insurance market is expected to grow from $15.3 billion in 2024 to $16.3 billion in 2025.
- Premium volumes are projected to exceed $30 billion by 2030, with a steady annual growth rate of over 10%.
- In 2024, hacking crimes resulted in estimated losses of $9.5 trillion globally, highlighting significant uninsured risks.
- Artificial intelligence is making cyberattacks more widespread and damaging, necessitating enhanced cybersecurity measures.
Why should I read this?
If you’re in the insurance game, or just curious about the cyber landscape, this article shines a light on how the surge in cyberattacks is reshaping insurance premiums and creating fresh opportunities. It’s a must-read to stay ahead of the curve in a rapidly evolving market that’s impacting everyone.