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Aon expects continued double-digit annual growth for cyber insurance

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Aon expects continued double-digit annual growth for cyber insurance

Worldwide cyber insurance premiums will touch about $4 billion by 2021, according to Aon Inpoint.

Based on current levels, if cyber premiums do hit that level in three years, it would amount to a 14.1% compound annual growth rate.

Aon Inpoint CEO Michael Moran said companies are putting a greater value on intangible assets, such as cyber and intellectual property, amid the threat of business interruptions and a "constantly evolving" global regulatory environment, including the EU's recently enacted General Data Protection Regulation.

The company also predicted that global commercial property and casualty premiums would increase at an annual rate of 5.3% to almost $900 billion by 2021, compared to about $730 billion in 2017. U.S. commercial P&C insurance premiums are expected to climb to $331.5 billion in 2021 from $274.5 billion in 2017.

The manufacturing segment was responsible for the most P&C premiums worldwide in 2017 at approximately $111 billion. In second place was agriculture, fishing and forestry at $72 billion.

Aon Inpoint projected premium growth in financial institutions, the mining and minerals sector and technology and media firms to have the highest annual growth rate of around 6% in each case.