The cyber insurance market will attract $14 billion by 2022, according to research by Valuates, driven by increased take-up in Asia in particular.
A recent report by PwC estimated that cyber insurance currently attracts annual gross written premiums of around $2.5 billion. PwC estimated the figure would grow to $7.5 billion by the end of the decade.
Valuates found the cyber insurance market remains in its infancy in Asia Pacific, but said increased data breach legislation across Asia is driving growth in cyber insurance, accounting for its bullish estimate.
Data breach legislation laws have already been adopted in South Korea and Australia, while China, India, Malaysia and Indonesia are currently preparing suitable bills.
Demand for cyber insurance was greatest in North America in 2018, where the presence of leading insurance companies has driven relatively early adoption.
Valuates surveyed companies in the healthcare, retail, financial services, IT, services, energy, education, government and manufacturing sectors, it said.