Currently the market is for cyber insurance dominated by the United States, which accounts for about two-thirds of the global total. However, growth momentum is shifting to other territories to meet business demand in the face of increasing threats, increased risk awareness and regulatory changes.
Howden estimates that by 2030, up to 54% of business will be concentrated in other geographies, with Europe in particular in countries such as Germany, France, Italy and Spain, which “have significant growth potential in cyber insurance premiums due to the current low level of penetration”, the broker said in a recent report relationship.
L’Europe will represent 25% of the global cyber insurance market by 2030worth $43 billion, which would be nearly triple the $15 billion estimated globally by 2024.
In addition to stable market conditions, the insurer’s strong risk control lays the foundation “for growth based on exposure, profitability and innovation.”
The report specifically sees great business opportunities for SMEswhich represent a large share of GDP in developed economies and are still poorly protected.
Howden confirms that ransomware remains a significant threat, with global attacks increasing by 85% by 2023. But he highlights the value of cyber resilience.
However, it warns of the impact of generative artificial intelligence, which is “transforming the offensive and defensive capabilities of cyber security, increasing the frequency and severity of attacks.”