QCC’s 2024 GMR reveals top dogs in cyber insurance

Cyber insurance market trends

The cyber insurance landscape is undergoing a transformative phase, marked by steady growth and an evolving market. The recently released 2024 Global Market Report (GMR) by the QualRisk Cyber Insurance Center (QCC) sheds light on key trends and future projections.

According to the report, global cyber insurance premiums experienced a 6% growth in 2023. This is the slowest rate since 2019, yet it still reached a substantial $14.4 billion globally.

Daniel Kasper, CEO of QCC, emphasised the shifting geography of this growth. He stated, “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 GMR delves deep into various facets of the cyber insurance market, providing valuable insights for stakeholders. It reveals historical premium growth rates across major country markets and regions. This showcases consistent high compound annual growth rates over the past eight years.

The report offers detailed breakdowns of premiums for different customer segments. It highlights the increasing significance of small commercial risks in markets like the United States.

Emerging dynamics and market shifts

The report introduces the QCC Global Cyber Insurance Price Index, which registered a decrease in 2023 for the first time since the rise of ransomware damages. This index reflects the evolving pricing dynamics within the market.

In the United States, specific insights are provided regarding market leaders and emerging trends. Companies like Chubb and Arch are highlighted for their performance in gross written premiums. The Hartford stands out for issuing the most cyber policies. The report forecasts a shift in consumer policies. Identity theft coverage has evolved into broader offerings, potentially increasing gross written premiums to over $2 billion by 2030.

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Emma Cockings Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.