Global cyber insurance market to exceed $33B in 2027
Direct written premiums to double during the forecast period, according to GlobalData
The global cyber insurance market registered significant growth in 2020 and 2021, largely due to substantially raised premiums. The increased frequency and severity of cyberattacks, coupled with the global shift to remote working in the wake of the pandemic, caused insurers to hike prices. Against this backdrop, the global cyber insurance market is forecast to grow from $16.7 billion in direct written premiums (DWP) in 2022 to $33.4 billion in 2027, according to GlobalData.
GlobalData’s latest report, “Thematic Intelligence: Cyber Insurance 2023,” reveals that, even with waning demand (due to rapid premium price increases), global DWP in the market grew healthily in 2021 (66.5%) and 2022 (42.7%).