Munich Re says cyber market to double in two years

September 11 2018 by InsuranceAsia News Staff

Within two years, the market for insurance against cyber and online threats is seen to double to over US$8 billion, according to Munich Re.

Munich Re board member Torsten Jeworreks said in a statement that cyber risks remain one of the biggest threats to the networked economy.

In its estimates, Munich Re said companies could more than double their spending on cyber insurance from US$3.4-US$4 billion in 2017 to US$8-US$9 billion by 2020.

With the digital economy having improved productivity, Munich Re said there is also an increase in the networking of machines, giving rise to very complex risks.

By 2030, the estimated number of connected devices worldwide will jump from 27 billion to 125 billion.