How cyber claims in Asia were all tied to ransomware in 2025

In the first half of 2025, Allianz received about 300 cyber claims.

Cyber insurance claims remained stable in 2025 as larger companies improved their ability to detect and respond to attacks, according to Allianz Commercial’s latest Cyber Security Resilience Outlook.

In the first half of 2025, Allianz received about 300 cyber claims, roughly the same as a year earlier. 

Claim severity fell by more than 50% and the frequency of large losses dropped around 30%. 

Allianz said this was mainly due to stronger cyber security measures and response systems amongst large insured firms. 

Total claims for the year are expected to stay steady at around 700, with activity likely to rise during the Black Friday and year-end retail season.

Ransomware remains the main cause of cyber claims, accounting for about 60% of large claim values in the first half. 

Whilst  law enforcement efforts and corporate defenses have reduced insured losses, attackers are increasingly targeting smaller and mid-sized firms, which are less resilient. 

At these companies, ransomware was involved in 88% of data breaches, compared to 39% at large firms, according to Verizon.

Attacks have also shifted toward “double extortion,” with 40% of large claims in early 2025 involving data theft as well as system encryption, up from 25% in 2024. 

The average global data breach cost hit nearly $5m in 2024, driven partly by stricter privacy rules.

By sector, manufacturing (33%) and professional services (18%) generated the highest share of large cyber claims over the past five years, followed by retail at 9%. 

Retailers are seen as attractive targets because they handle large volumes of data and depend heavily on IT systems.

Non-attack incidents also remain a concern, with technical failures and wrongful data handling making up 28% of large claims by value in 2024.

In Asia Pacific, cyber threats continue to rise. The region accounted for 34% of global attacks in 2024, up 13% from the year before, according to IBM. 

Aon reported a 22% increase in cyber insurance claims in the region last year. Allianz said ransomware accounted for all of its reported cyber losses in Asia in the first half of 2025.

Karlis Trops, Head of Cyber & Tech Professional Indemnity at Allianz Commercial Asia, noted that Asia’s reliance on digital supply chains and outsourcing makes risk mitigation difficult. 

Whilst  large companies in the region are strengthening resilience and buying more coverage, insurance penetration remains lower than in the US or Europe. Many firms, especially small and mid-sized ones, remain self-insured.

Globally, the cyber insurance market is expected to more than double to nearly $30b by 2030, according to Allianz.