Asia set for cyber insurance growth as market nears USD32bn

The global cyber insurance market is poised to more than double by 2030, reaching USD32.4bn in premiums, up from USD16.3bn by 2025, according to Munich Re. While North America leads the market, accounting for 69% of premiums, Asia/Oceania and Europe are expected to see significant growth, with their combined market share rising to 32% by 2027. Despite ongoing demand from large corporations, small and medium-sized enterprises (SMEs) remain underinsured due to limited awareness. The growing threat of cyberattacks, which are projected to cost the global economy between USD1tr and USD9.5tr by year-end, underscores the need for expanded insurance coverage, especially in sectors like transportation, retail, and education.