Global Cyber Market Overview: Uncovering the Hidden Opportunities
Highly publicized attacks on blue chip companies, announcements of alliances formed between insurers, reports of partnerships established with cyber security firms and hiring of renowned experts have all contributed to making cyber one of the hottest topics in the insurance industry. However, behind the hype of the media and the marketing battles fought by insurers and brokers to position themselves as leaders in the market, there is the reality of a genuine opportunity. In this paper, we explore how the cyber insurance market has evolved in recent years to understand how:
• the drivers underpinning the growth in the US will contribute to the growth in other part of the world, with a focus on the upcoming European market,
• a few insurers have been able to build significant presence in the market but face imminent challenge as more and more insurers are now competing in this space,
• customer needs and covers are developing and the opportunities this is likely to bring,
• the reinsurance market is playing its part in supporting cyber insurers, and
• key players have looked beyond the insurance market to identify growth opportunities.
The preparation of this white paper has been made possible thanks to the insights provided by Aon’s Cyber Solutions team, in particular Kevin Kalinich, Global Practice Leader, Cyber Insurance, and Luke Foord-Kelcey, Co-head, Global Cyber Practice, Aon Benfield. Last but not least a special word of thanks to Jeremy Maginot, Director, Consulting, Aon Inpoint, who has led the creation of this white paper with support from Aon Inpoint colleagues across the globe.