There are increasing reports of cyber attacks in which millions of complete customer records - often including payment method data - have been stolen. Even generally well-protected and well-known companies have already fallen victim to hacker attacks. In addition, there are waves of ransomware that hit a large number of companies and private individuals in one fell swoop.
As risk awareness of cyber dangers becomes established, the need for appropriate protection is increasing. Cyber insurance therefore represents remarkable growth potential for insurers. While hardly any growth is otherwise to be expected in the German property/casualty business, cyber is creating a segment that could replace motor insurance, for example, as the highest-volume segment in the future. In the short term, the cyber insurance market in Germany, Austria and Switzerland is expected to grow fivefold, with an anticipated annual premium volume of up to EUR 1 billion.
