North America leads with $10.5 billion in cyber premiums as market stabilizes after period of significant rate increases, Guy Carpenter reports.
The global cyber insurance market has expanded to an estimated $16.6 billion in premium volume in 2024, up from an estimated $14 billion a year earlier, with North America accounting for nearly two-thirds of the total premium, according to Guy Carpenter.
After experiencing significant compound rate increases in 2021 and 2022, the cyber insurance market has entered a period of stabilization with modest softening in certain segments, according to the report. Rates flattened or decreased throughout 2023 and continued adjusting in 2024, contributing to the current market size.
The geographical distribution of cyber business is gradually shifting. While North America dominates with a projected $10.5 billion in cyber premiums, Europe ($3.9 billion), Asia-Pacific ($1.7 billion), and Rest of World ($0.5 billion) represent potential growth regions. This trend has prompted cyber specialists and insurtechs to expand their operations into European…
