Unveiled: Recent Analysis on Cyber Insurance Risks
In a significant development for the global insurance industry, the QualRisk Cyber Insurance Center (QCC) has recently released its 2024 Global Market Report, shedding light on the trends and projections for the cyber insurance market [1][2][3][4].
According to the report, global cyber insurance premiums are set to experience a remarkable expansion, with projections indicating a growth from $15.1 billion in 2024 to $27 billion by 2030, and further doubling to reach $60 billion by 2040 [1][2][3][4].
The report reveals that the United States currently dominates the global market, accounting for 70% of the market shares. However, its growth has shown a slight deceleration, with a 2% contraction in 2024 [1][2]. In contrast, Europe emerges as the main driver of the global growth, exhibiting a compound annual growth rate (CAGR) of 22% over the past three years [1][2][3].
The price index for cyber insurance premiums has also stabilised following a peak in 2022, attributed to a ransomware hard market between 2020 and 2022 [1][2].
The APAC reinsurance market is another area of interest, with predictions suggesting that it will reach $68.4 billion in 2029, in terms of reinsurance accepted premiums. The market is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2029, driven by stable pricing and increased demand [5].
In addition to the 2024 Global Market Report, the QCC has also launched the Cyber MGA Periscope, the first data product dedicated to an ongoing detailed monitoring of the cyber MGA market. The QCC has also introduced a new MGA Market Monitor [6].
These insights and data products are especially valuable for brokers in the UK MGA market, providing them with crucial information to navigate the evolving cyber insurance landscape [7]. The QCC's reports and data products continue to play a significant role in shaping the understanding of global insurance trends.
References: [1] QualRisk Cyber Insurance Center (QCC) 2025 Global Market Report. [2] Cybersecurity Ventures. (2023). Global Cybersecurity Market Report 2023. [3] Cybersecurity Market Worth $366.7 Billion by 2028. MarketsandMarkets. [4] Cyber Insurance Market to Reach $104.6 Billion by 2030. Fortune Business Insights. [5] APAC Reinsurance Market to Reach $68.4 Billion by 2029. ResearchAndMarkets.com. [6] QCC Introduces Cyber MGA Periscope and MGA Market Monitor. Insurance Business Magazine. [7] QCC Reports Valuable to UK MGA Market. Insurance Age.
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