In 2016, the size of the global cyber insurance market wasvalued at $3,416.4 million.

But by 2023, it's expected to balloon to $16,970 million, aftersee a compound annual growth rate of 20% in the interim.

That's according to a report by P&S Market Research thatcredits loss of brand reputation from cyber attacks as a primary reason cited by“most of the industry leaders” for adopting cyber insuranceprograms.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.