Market Share of UK Cyber (Liability) Insurance Industry
The UK cyber insurance landscape was characterized by a mix of established insurance giants, specialized cyber insurers, insurtech startups, and intermediaries working together to address the growing demand for cyber liability coverage. The market's competitive nature was driving innovation in policy design and risk assessment methodologies to meet the unique challenges posed by cyber threats. Adoption of technological platforms and up-gradation to new technology leads to an increase in the threat of cybercrimes. Innovation and technological advancement took pace as COVID-19 and urbanization struck general people to the adoption of cyber insurance to mitigate the risk of loss due to the threat of cybercrimes. Companies across the world have huge investments in this segment of the market. In the United Kingdom, the Cyber (liability) insurance market has many companies fragmented over minor shares. Swiss Re, Allianz, Beazley, Hiscox, Marsh, Tokio Marine Kiln, and AXA XL are among the cyber insurance companies.
UK Cyber Insurance Market Leaders
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Allianz
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Beazley
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Hiscox
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Marsh
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AIG
*Disclaimer: Major Players sorted in no particular order
