From: Captive International
The cyber insurance market should be worth between $60 billion and $100 billion, and parametric insurance is the key to getting it there, according to John Donald, a special cyber advisor at AXIS.
Speaking on a CICA webinar titled Beyond Digital Transformation, in a session that would have been held at the CICA conference in California in March, Donald estimated that the cyber market is currently worth around $7 billion to $8 billion, and has been growing at around 30 percent per year.
It is likely to grow more rapidly in coming years, as carriers tackle the issue of silent cyber by making coverage – or lack of it – explicit in policies as they come up for renewal. “This could double the size of the market in the next couple of years,” said Donald.