Cybersecurity Insurance Market - By Component (Solution, Services), By Enterprise Size (Large Enterprise, SME), By Insurance Type (Packaged, Standalone), By Coverage Type (First-Party, Liability Coverage), By End Use, & Forecast 2024 – 2032

North America held more than 32% share of the cybersecurity insurance industry in 2023 and is set to expand at a notable CAGR from 2024-2032 attributed to the region's highly digitalized economy, extensive use of technology, and the increasing frequency of cyberattacks.

American International Group Inc., Aon PLC, Axis Capital, BitSight, Corporation, Liberty Mutual, Lockton Companies Inc., Munich RE, The Chubb Corporation, The Hanover Insurance Inc., and Zurich Insurance Co. Ltd. are among the top firm engaged in the cybersecurity insurance market.

Market size for cybersecurity insurance was worth USD 16.4 billion in 2023 and is projected to expand at over 20.5% CAGR from 2024 to 2032 driven by stringent regulatory compliance across several economies.

The BFSI segment accounted 26% share of the cybersecurity insurance industry in 2023 and is projected to witness high demand through 2032 across the banking, financial services, and insurance (BFSI) sector due to the sector's high-value transactions and sensitive customer data.