Cyber Insurance Market To Reach $7.5B By 2020, Attracting Disruptors

The cyber insurance market will triple in size to $7.5 billion in annual premiums by 2020 and the insurance industry could face competition from disruptors such as Google (GOOGL.O) if it does not act fast to develop products, a report said. Insurers and reinsurers are charging high prices for cyber cover and putting a ceiling on potential losses, deterring companies from buying cyber polices, consultancy PwC said in the report. Some insurers have kept out of the market, wary of the risks involved.