Australia leads APAC in cyber insurance uptake

Demand for cyber insurance in the region is growing at nearly 50% annually.

The Asia Pacific (APAC) region is experiencing rapid digital transformation, leading to a surge in cyber risks. Countries like Australia and Japan are leading the region's cyber insurance market, according to Gallagher Re

Australia’s market is expanding quickly, fueled by high-profile cyber-attacks and a regulatory focus, particularly since the 2018 introduction of the Notifiable Data Breaches (NDB) scheme. Japan's well-established insurance market and regulatory framework also position it as a key player, with businesses increasingly opting for comprehensive cyber insurance.

China and India, whilst not as developed, are emerging as significant players in the sector. China's market growth is being driven by the government's focus on cybersecurity and a rising number of cyber incidents. India's cyber insurance market is growing due to increasing cyber threats and regulatory changes, supported by rapid digital transformation and heightened awareness.

Demand for cyber insurance in the region is growing at nearly 50% annually, with APAC accounting for 7% of the global market as of 1 January.