Cyber insurance to see most rapid premium growth by 2021June 12 2018 by InsuranceAsia News Staff
Cyber insurance products will see faster premium growth than any other business line during the next three years, says Aon.
A report released by the broker’s data analytics, engagement and consulting team showed that cyber premiums, which have grown at 23% a year during the past five years, will be worth US$4 billion by 2021.
Across all types of commercial property-casualty insurance purchased, the manufacturing segment generated the highest premiums worldwide in 2017, worth approximately US$111 billion.
Agriculture, fishing and forestry followed at US$72 billion, boosted by the huge value of this segment in China and the US.
Michael Moran, CEO of Aon Inpoint, said the company sees a broad shift in which insurance buyers will be putting greater value on intangible assets, such as cyber and intellectual property.
Global commercial P&C premiums were worth approximately US$730 billion in 2017 and by 2021 will rise to almost US$900 billion, according to the report.
- February 8
Governments in the region need to step up their efforts to encourage mitigation and make cyber risks more insurable.
- January 22
Exploring the cyber security of an interconnected world full of billions of digital devices.
- January 18
Cyber insurance remains a tough sell among small and medium enterprises in Asia.
- January 17
Connected economies are leading to a more complex risk environment according to Allianz's Risk Barometer.