A rise in global insurance claims and streamlining claims procedures will help push the insurtech market to $20.26 billion in 2025, according to Market Research Future.
The sector is also predicted to reach 958.85 billion by 2034, the data showed, at a compound annual growth rate of 53.5%. More than 45.80% of global revenue for insurtech was generated in North America.
With more revenue pouring into rising insurtech’s, AI and automated services, the top insurers suffered a higher rate of breaches than all of the S&P 500 (21%) companies combined. Breaches at the top insurance companies also outpaced the U.S. energy industry (14%).
Third-party attacks are responsible for most data breaches reported by the top 150 insurance companies, with 59% of breaches involving third-parties. At the same time, 28% of the top 150 companies reported breaches.
Meanwhile, the cyber insurance market peaked at roughly $17.77 billion in 2024 and is projected to reach $21.67 billion in 2025.
“The cyber insurance market is ever changing with new insurance companies entering the market and others departing,” said Arthur Armstrong, a partner in Reed Smith’s insurance recovery group.
“Likewise, policy forms are continuously evolving to address new and different cyber risks,” he added. “Unfortunately, this has led to more exclusions and sublimits that negatively affect cyber coverage overall.A policyholder should work with an experienced broker to ensure that it is obtaining appropriate coverage with respect to scope and available policy limits.”
The slideshow above illustrates the most Googled questions about insurance as selected by Everly Life.
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