The commercial cyber liability insurance market will likely grow dramatically over the next several years, according to industry sources.
Some see a doubling or tripling of gross written premium in the next decade, driven by larger organizations seeking higher limits and greater penetration among small and medium-sized enterprises.
The growth is being fueled by established insurers increasing line sizes and new entrants adding capacity to the sector, sources said. The sector also tapped the capital markets for the first time in late 2023, through the issuance of insurance-linked securities, or cyber cat bonds (see related story below).
Gallagher Re, the reinsurance business of Arthur J. Gallagher & Co., estimates the global cyber insurance market will end 2024 at about $14.8 billion, having grown from $13.1 billion in 2023, said Jasper Goring, New York-based head of cyber reinsurance, North America, for the reinsurance broker.
“No one has the exact same data, but virtually everybody’s data does show the market getting bigger,” Mr. Goring said.
“The market will carry on growing to a $20 billion, $25 billion, $30 billion-plus global cyber market,” with the timing of…
