Bloomberg reports that a recent surge in high-profile cyberattacks is offering an opportunity for insurers, including Munich Re AG and Chubb Ltd. to cash in from a rapidly expanding market — and prompting a rethink on premiums.
As artificial intelligence makes attacks more widespread and devastating, Munich Re expects the global cyber insurance market to reach $16.3 billion in 2025, up from $15.3 billion in 2024. Global premium volume is expected to more than double to around $30 billion by 2030, growing at an average annual rate of more than 10 percent.
With the vast majority of risks still uninsured, an estimated $9.5 trillion was lost globally in hacking crimes in 2024, according to technology consultant Cybersecurity Ventures, a staggering increase from the $600 billion McAfee estimated in 2018.