How much did APAC’s cyber insurance market bag in 2024?

Guy Carpenter cautioned about evolving threats such as ransomware.

Asia-Pacific’s cyber insurance market could record $1.7b in 2024, according to Guy Carpenter.

The global cyber insurance market is projected to reach $16.6b in 2024, with North America accounting for $10.5b, Europe $3.9b, and the Rest of the World $0.5b.

The market has stabilised following significant rate increases in 2021 and 2022, with rates flattening or declining in 2023 and continuing to adjust in 2024, Guy Carpenter’s Behind the Firewall: 2024 GLOBAL CYBER INDUSTRY INSIGHTS report showed.

Growth is being driven by under-penetrated industry segments, emerging markets, and new products. 

At the same time, Guy Carpenter is analysing aggregation risks through vendor model partners. 

The estimated global aggregation loss potential ranges from $20b to $46b at a 1-in-200-year return period, resulting in a projected market loss ratio of 120% to 277%.  

The firm also emphasised the evolving cyber threats, particularly ransomware, which remains a leading cause of losses. 

Whilst the industry has made efforts to improve visibility into systemic risks, there is ongoing debate over the extent to which non-malicious accidental events contribute to losses.