Cyber insurance premiums will experience the most rapid growth of any insurance product premiums by 2021, according to Aon.
A series of global studies conducted by Aon Inpoint, Aon’s data, analytics, engagement and consulting team, looked at insurance purchased by corporate, public sector and non-profit organisations between 2013 and 2017 and forecasted trends into 2021.
The studies found that cyber premiums had seen the most significant growth, 23 percent annually, and predicted that worldwide premiums will be worth $4 billion by 2021, a compound annual growth rate of 14.1 percent.
According to the report, global commercial property and casualty were worth approximately $730 billion in 2017 and are predicted to rise to nearly $900 billion by 2021.
Michael Moran, CEO of Aon Inpoint, commented: “As we look ahead, we are seeing a broad shift of companies putting a greater value on intangible assets, such as cyber and intellectual property.”
“There are multiple reasons for the increased focus and increased premiums ranging from financial statement protection due to a business interruption to the constantly evolving global regulatory environment including the EU’s General Data Protection Regulation.”
