Asia-Pacific leads global crime insurance growth at 18.6% CAGR

Globally, crime insurance market is expected to grow 13.5% from 2023 to 2032.

Asia-Pacific’s crime insurance market is slated for a compound annual growth rate (CAGR) of 18.6% from 2023 to 2032, the fastest amongst other regions, according to Allied Market Research.

The region’s growth will be driven by rapid economic growth, increased trade, and a surge in financial transactions.

Globally, crime insurance market is expected to grow from $13.7b in 2022 to $47.7b by 2032. This represents a CAGR of 13.5% from 2023 to 2032.

The report identified technological advancements and globalisation as key drivers of growth, whilst complex claims processes and evolving policy regulations were cited as restraints. 

Rising demand for cyber insurance is also creating new opportunities for the sector.

Fraud cover accounted for about two-fifths of global crime insurance revenue in 2022, maintaining the largest market share due to increasing cyberattacks linked to wider internet access. 

Theft cover, meanwhile, is projected to grow at a faster rate of 18.5% annually, driven by globalisation, technology development, and more complex supply chains.

Businesses made up more than two-thirds of total demand in 2022, reflecting regulatory pressures to protect sensitive data and financial assets. 

However, individual crime insurance is expected to grow the fastest at a CAGR of 15.6%, supported by concerns over identity theft, remote work trends, and home-based businesses.