As per the QualRisk Cyber Insurance Center (QCC) 2024 Global Market Report (GMR), the international cyber insurance market is expected to double by 2030.
Daniel Kasper, CEO of QCC, noted that while the US has been the major driver of cyber insurance premiums in the past decade, the bulk of the future growth will be generated in other regions, starting with Europe in the remainder of the 2020s and Asia well into the 2030s.
The report additionally highlighted that global cyber insurance premiums grew 6% in 2023, the slowest rate of growth since 2019, reaching a total global premium of $14.4 billion.
Kasper continued, “Without a market-changing event like the escalation of ransomware damages several years ago, the recent extremely high growth rates in top-line premium will not be repeated without significant growth in the underlying exposure, which is not likely to occur in the next several years in QCC’s view.”
QCC’s GMR 2024 also observed that in the U.S., small commercial risks now comprise 30% of the U.S. cyber market, up from 18% in 2015.
Meanwhile, the firm also forecasts the gradual transformation of today’s identity theft coverage into broader consumer cyber insurance policies, increasing the gross written premiums from $300 million today in the U.S., to more than $2 billion by 2030.
