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Wednesday, 21 June 2017
Detailed Research on Developments in Cyberinsurance
Developments in Cyberinsurance is a new market research publication announced by Reportstack. This report analyzes the growing significance of cyberinsurance as a cyber-risk-mitigation strategy. It provides:
A global overview of cyberinsurance, and discusses the market dynamics by analyzing key trends, opportunities and challenges
An industry-level assessment of risk
Insights into the ongoing development of cyberinsurance
An overview of the various regulatory changes
Analysis of policy gaps and underwriting issues
Insight into innovation in cyberinsurance, with respect to product development and strategic partnerships
A snapshot of recent developments in leading cyberinsurance regions
This report analyzes the significance of cyberinsurance as a cyber-risk-mitigation tool.
It analyzes policy gaps and underwriting issues.
It discusses innovation in cyberinsurance with respect to product development and strategic partnerships
It provides a snapshot of recent developments in the leading cyberinsurance regions
Reasons to Buy
Build an understanding about the cyberinsurance market from a global perspective
Develop an insight into market trends and drivers
Gain an understanding of regulations in particular regions or industries related to cyberinsurance
Learn about different competitive strategies in the industry
Cyber-risk insurance premiums are relatively high – around three times higher than commercial general liability policies, and six times higher than property insurance, according to a study by Marsh and the UK Government in 2015.
The final version of General Data Protection Regulation (GDPR) has been adopted and will be enforced by May 25, 2018, following a proposal by the European Commission in 2012.
According to the annual Ponemon Cost of Data Breach 2016 report, the consolidated average per capita cost for 12 countries – the US, Canada, the UK, Germany, France, Italy, Australia, Japan, the Middle East, Brazil, India and South Africa – was US$158, compared to an average of US$154 in 2015, excluding South Africa.
Europe has the world’s second-largest regional cyberinsurance market, accounting for around US$150 million in premiums according to broker Marsh & McLennan. Allianz has estimated that the European cyberinsurance market could reach US$1 billion by 2018, as regulation and overall knowledge grow.
In May 2016, the Hong Kong Monetary Authority (HKMA) announced its Cybersecurity Fortification Initiative (CFI) that establishes a framework for assessing vulnerability to cyber-risks, creates a program for building cybersecurity expertise, and provides a platform for industry sharing of cyberintelligence.
Willis Towers Watson Allianz Global Corporate & Specialty (AGCS) RLI Insurance Company AIG Hiscox XL Catlin Chubb Ltd XL Group Ltd Ironshore Inc. Allied World Assurance Co. Axis Capital Holdings Ltd