Global premiums in cyber insurance will reach $29 billion by 2027
Germany-based insurance group Munich Re has prepared a report on cyber threats, which contains survey results and analytical forecasts for the cyber risk insurance sector. According to Munich Re, 87% of respondents reported that their companies were unprepared for digital threats. This indicator increased by 4.0 pp. compared to 2022.
From the materials of the report, the Internet resource UkrStrahuvanny knows that more than 7,500 respondents representing 15 countries and various sectors of the economy took part in the Munich Re survey.
Munich Re estimates that global cyber insurance premiums will be around $14 billion in 2023 and are forecast to grow to around $29 billion by 2027. This forecast figure, according to the report, will still not fully cover the existing gap between insured and economic . losses due to cyber incidents.
“One of the key findings of the study is the growing relevance of such technological trends as artificial intelligence (AI), cloud services and data analysis in various industries. Almost all of the corporate decision-makers surveyed are embracing these innovations, emphasizing the critical role technology plays in driving business growth and performance.” – the report says.