Top Companies in the Cyber Insurance Market | Leading Players Historic and Future data Analysis by VMR

Cyber Insurance is intended to assist an organization in the event of a cyber-related security breach or similar event.

Top Companies in the Cyber Insurance Market | Leading Players Historic and Future data Analysis by VMR
Cyber Insurance Market

Upcoming Potential Market Trends for Cyber Insurance

The Global Cyber Insurance Market is valued at USD 7.49 billion in 2021 and is projected to reach a value of USD 28.445 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 24.90% over the forecast period. Cyber Insurance is a relatively recent development in the insurance sector, having been around since the 1990s. Major key players in Telecom and professional services companies are acquainted to protect themselves in the event of accidental transfer of malware to clients or the loss of confidential client information. It took the form of a traditional insurance policy with very little specific information on the quantum of payments related to the risk event

Cyber Insurance continues to be crucial to the effective and efficient operation of global businesses. Insurers face cyber security risks in their daily operations, as do all firms in the financial sector. The reasons the financial services sector is susceptible to cyber threats are multifaceted. Financial firms receive, maintain, and store substantial amounts of personally identifiable information (PII), however, insurers, in many cases, receive personal health information in addition to personal financial information from both policyholders and claimants. In both cases, recent legislation is potentially expanding the definition of PII, adding to the risk associated with a cyber-security event.

Some of the key players operating in the Global Cyber Insurance Market are listed below:

Company Name

Revenue in USD

  • Chubb Corporation

$40 Billion

  • Munich Re Group

$71 Billion

  • Aon PLC

$12 Billion

  • American International Group, Inc.

$47 Billion

  • Allianz Global Corporate & Specialty

$6 Billion

  • Zurich Insurance Co. Ltd.

$71 Billion

  • XL Group Ltd.

<$5 Million

  • Beazley PLC

$3 Billion

  • Berkshire Hathaway, Inc.

$354 Billion

  • Lockton Companies, Inc.

$2 Billion


  1. Chubb Corporation

Chubb Corp. is an American company incorporated in Zürich, Switzerland, is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance, and the largest publicly traded property and Casualty Company in the world. The company is listed as CB (NYSE) in the stock exchange market. In 2020, the company generated revenue of USD 3.5 billion and had 31,000 employees working across the globe. The company is the parent organization of Ace INA Holdings Inc.

  1. Munich Re Group

Munich Re Group or Munich Reinsurance Company is a German multinational insurance company based in Munich, Germany. It is one of the world's leading reinsurers. ERGO, a Munich Re subsidiary, is the Group's primary insurance arm. The company is listed as MUV2 (ETR) in the stock exchange market. In 2020, the company generated revenue of USD 30.9 billion and had 39,000 employees working across the globe. The company has numerous subsidiaries such as Ergo Group, Munich Reinsurance America, and others.

  1. Aon PLC

Aon PLC is a British-American multinational professional services firm that sells a range of financial risk-mitigation products, including insurance, pension administration, and health insurance plans. Aon has approximately 50,000 employees in 120 countries. The company is listed as AON (NYSE) on New York Stock Exchange Market. The company generated USD 10.5 billion in 2020 and has numerous subsidiaries operating globally. Some of them are Aon Hewitt, CoverWallet, Inc., HEWITT ASSOCIATES LLC, CoCubes Technologies Pvt. Ltd., Aon Hewitt Navigators Insurance Services Inc., and others.

  1. American International Group, Inc.

American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of January 1, 2019, AIG companies employed 49,600. The company is listed as AIG (NYSE) on New York Stock Exchange. In 2021, the company generated around USD 52.1 billion and has numerous subsidiaries such as AIG Property Casualty Inc., TATA AIG, VALIC, and others.

  1. Allianz Global Corporate & Specialty

Allianz SE is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz Global Corporate & Specialty services clients in more than 210 countries and territories across the whole spectrum of marine, aviation, and corporate business. The company provides risk consultancy, property-casualty insurance solutions, and alternative risk transfer for a wide spectrum of commercial, corporate, and specialty risks across 10 dedicated lines of business. In 2021, the company generated revenue of around USD 164.03 billion and has 1,50,269 employees working across the globe. The company has various subsidiaries such as Allianz SE, Bajaj Allianz General Insurance, PIMCO, ALLIANZ PARTNERS SAS, and others

  1. Zurich Insurance Co. Ltd.

Zurich Insurance Company Ltd operates as an insurance company. The Company provides general, life, home, travel, and automobile insurance policies, as well as life insurance, investment, and protection solutions. Zurich Insurance serves clients worldwide. Zurich Insurance Group's annual revenue for 2019 was USD 71.792 billion, a 52.17% increase from 2018. Zurich Insurance Group's annual revenue for 2018 was USD 47.18 billion, a 26.24% decline from 2017. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872.

  1. XL Group Ltd.

XL Group Ltd provides insurance services. The Company offers property, casualty, specialty treaty, and facultative products, as well as underwriting and claims, full actuarial-modeling resources, technical, training, and legal advice services. XL Group serves clients worldwide. The company is a privately held organization consisting of 110 employees working. The company has a specialty in SFA, Sample Management, Data Management & Analytics, BI, Big Data, Responsive Web Development, Mobile Apps, Data Warehouse Design & Deployment, LMS, Incentive/Recognition Programs, CRM, Product Consulting, Productivity Management Solutions, and Graphic Design & UI/UX.

  1. Beazley PLC

Beazley PLC is the British parent company of specialist insurance businesses with operations in Europe, the US, and Asia. Beazley manages six Lloyd's syndicates. Beazley plc is incorporated in the UK. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The company was founded in London and is headquartered in the U.K. The company is listed as BEZ (LON) on the London stock exchange. The company generated USD 33.87 million in 2021 and has 1,500 employees working across the majority of its locations.

  1. Berkshire Hathaway, Inc.

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Berkshire Hathaway Inc. is a diversified holding company whose subsidiaries engage in insurance, freight rail transportation, energy generation, distribution, services, manufacturing, retailing, and other activities. The company is listed as BRK.An (NYSE) in the New York stock exchange. The company generated USD 27.6 billion in 2021 and has 3,72,000 employees working across the majority of its locations.

  1. Lockton Companies, Inc.

Lockton Companies Inc. is the world's largest privately-held insurance brokerage firm, providing insurance, risk management, employee benefits, and retirement services. In addition to its Kansas City, Missouri headquarters, Lockton operates more than 100 locations in 125 countries. The company has 8,500 employees working across the U.S. and generates revenue of approximately USD 1.8 billion.

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