Where is cyber insurance growing fastest across regions?

Asia/Oceania are expected to expand their market shares to 8% by 2027.

The global cyber insurance market is to double by 2030, reaching a total premium of $32.4b from an estimated $16.3b in 2025, according to Munich Re.

For 2024, it is estimated at $15.3b. This represents less than 1% of the global Property and Casualty insurance premium volume.

Europe and Asia/Oceania are expected to expand their market shares, reaching 24% and 8%, respectively, by 2027.

North America continued to lead the market with $10.6b in premiums, accounting for 69% of the global total. 

Europe followed with $3.3b, or 21% of global premiums, and a compound annual growth rate of 26% from 2020 to 2024. 

Whilst large corporations still represent the majority of cyber insurance demand, small and medium-sized enterprises (SMEs) remain largely uninsured or underinsured due to limited awareness or risk perception. 

Globally, the top three market segments affected by cyberattacks the most in 2024 are transportation, retail, and education.

“A global survey by Munich Re found that 87% of C-level respondents consider their organisation’s protection to be inadequate,” Munich Re said in an insight.

Munich Re emphasised the importance of closing this protection gap, especially given the growing threat of cyberattacks and outages. 

The market's development depends heavily on the reinsurance sector’s ability to provide advanced risk modelling and stable capacity. 

Current estimates suggest the global cyber insurance industry could face modeled accumulation losses between $20b and $46b in scenarios with a return period of up to 200 years. 

At the same time, global cybercrime costs are projected to range between $1t and $9.5t by the end of 2024.

The company also aims to expand cyber protection for SMEs and continues to invest in partnerships, data analytics, and modelling capabilities to support market growth.