Cyber insurance products will see faster premium growth than any other business line during the next three years, says Aon.
A report released by the broker’s data analytics, engagement and consulting team showed that cyber premiums, which have grown at 23% a year during the past five years, will be worth US$4 billion by 2021.
Across all types of commercial property-casualty insurance purchased, the manufacturing segment generated the highest premiums worldwide in 2017, worth approximately US$111 billion.
Agriculture, fishing and forestry followed at US$72 billion, boosted by the huge value of this segment in China and the US.
Michael Moran, CEO of Aon Inpoint, said the company sees a broad shift in which insurance buyers will be putting greater value on intangible assets, such as cyber and intellectual property.
Global commercial P&C premiums were worth approximately US$730 billion in 2017 and by 2021 will rise to almost US$900 billion, according to the report.
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