Cybersecurity Insurance Industry Overview
The cybersecurity insurance market is moderately consolidated, with significant players offering superior technology and fostering growth through their existing distribution channels. These technology leaders are investing in innovations, mergers, acquisitions, and partnership activities to maintain a competitive edge in the market.
- February 2023 - CloudCover Re collaborated with insurance brokerage Hylant Global Captive Solutions (Hylant) to launch CloudCover CyberCell, a cybersecurity 'rent-a-captive' insurance program. Available to associations, affinity groups, and large enterprises, the program allows users to finance self-insured cyber risks at a manageable cost. This reduces the potential liability of cyber attacks and facilitates more significant revenue generation for companies, as they can provide cyber insurance at a lower cost and broader coverage.
- November 2022 - Agilicus, a cybersecurity firm, and Ridge Canada Cyber Solutions Inc.(RCCS), one of the leading managing general insurance agencies, collaborated to assist Canadian small to midsize businesses (SMBs) qualify for and obtain cybersecurity insurance.
Cybersecurity Insurance Market Leaders
-
American International Group Inc.
-
Zurich Insurance Co. Ltd
-
The Chubb Corporation
-
Aon PLC
-
Lockton Companies Inc.
- *Disclaimer: Major Players sorted in no particular order
