German multinational insurance company Munich Re estimates that the global cyber insurance market totaled US$15.3 billion in 2024, corresponding to less than one percent of the global premium volume for property and casualty insurance in 2024, though underscoring the potential for the insurance industry going forward. The global insurance industry is expected to withstand multiple extreme cyber exposure scenarios, such as those that may arise from widespread malware attacks or large-scale outages of cloud service providers. Rapid, simultaneous risk changes due to technological, geopolitical, and market-specific factors present cyber insurers with challenges and opportunities.
“In today’s technology-dependent world, organizations can only be successful if they strengthen their digital defenses with robust, multi-layered risk management,” Stefan Golling, Board of Management member responsible for Global Clients and North America, said in a recent insights report. “Cyber insurance is an effective component in this approach. Munich Re provides cyber capacity and expertise so that our clients can grow their business with confidence.”
“As digitalization…
