QCC projects global cyber premium growth to $27 billion by 2030

By Rebecca Delaney

Aug 15 - (The Insurer) - The global cyber insurance market is projected to growth from $15.1 billion in 2024 to top $27 billion by 2030, according to the latest global market report from the QualRisk Cyber Insurance Center (QCC).

QCC projected that global cyber insurance premiums will further grow to reach $60 billion by 2040.

According to the report, the U.S. has retained the "lion's share" of the market (accounting for 70% of global premium), but its growth has slowed with a 2% year on year decline in 2024.

Elsewhere, Europe is now driving global expansion, with a 22% compound annual growth rate over the past three years.

QCC added that the U.S. personal cyber market is expanding rapidly, with QCC modelling the non-U.S. global personal cyber segment for the first time.

The latest report also expanded its annual U.S. competitive market analysis using the National Association of Insurance Commissioners's new cyber supplement data structure.

Analysis of U.S. market competition found that Hartford Steam Boiler leads in cyber endorsements, with $75 million in premium and a 26% share.

QCC said the primary and surplus lines market remains competitive, with the top five primary writers (led by Chubb) accounting for 30% of the market, while the top five surplus writers hold a 26% share, led by Starr.

The report noted that strategies vary, with Arch writing substantial premium across all lines, while At-Bay, Fairfax and Hartford Steam Boiler are focused on single segments (primary, surplus and endorsements, respectively).

The QCC global cyber insurance price index fell to 269 in 2024, down from its 2022 peak of 340, as pricing stabilised further following the ransomware-induced hard market between 2020 and 2022.