A report published by Aon has predicted that growth in premiums over the next three years will be most rapidly seen in the cyber insurance market and reach US$4 billion worldwide by 2021. That represents an annual rate of growth of 14.1%.
Studies by Aon concluded that over the last five years, cyber premiums grew by an average of 23% year on year - the most significant across all classes of business. The broker reviewed insurance bought by corporate, public sector and not-for-profit organisations for 2013 – 2017 and determined that this marked a trend in companies “putting a greater value on intangible assets, such as cyber and intellectual property". The Chief Executive of Aon Inpoint (Aon plc’s data, analytics, engagement and consulting team) Michael Moran believes that “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 European Union’s General Data Protection Regulation."
According to Aon's studies, global commercial property and casualty premiums were worth $730 billion in 2017 but would increase to $900 billion in 2021, with US commercial property and casualty premiums making up roughly one-third of these figures. In 2017, the classes of business which generated the largest of these premiums were manufacturing at $111billion, followed by agriculture, fishing and forestry at $72 billion as a result of demand from China and the US.
Aon predicts that rapid expansion at a rate of about 6% each year will be seen in financial institutions, mining and minerals and the technology and media sectors.