GCC Cyber Insurance Market to Grow with a CAGR of 3.24% through 2030
The GCC Cyber Insurance
Market is driven by rising cyber threats, stringent regulations, digital
transformation, and growing corporate awareness.
According
to TechSci Research report, “GCC Cyber Insurance Market – By Country, Competition,
Forecast & Opportunities, 2030F”, the
GCC Cyber Insurance Market stood at USD 131.66 Million in 2024 and is
anticipated to grow USD 159.39 Million by 2030 with a CAGR 3.24% during
forecast period. The GCC
cyber insurance market is expanding rapidly due to the region’s increasing
reliance on digital infrastructure, rising cyber threats, and evolving
regulatory frameworks. As businesses and governments accelerate digital
transformation, the risk of cyberattacks, data breaches, and ransomware
incidents has surged, prompting the need for comprehensive cyber insurance
solutions. Countries like Saudi Arabia and the UAE lead the market, driven by
their strict cybersecurity regulations and high cyber risk exposure. The
financial, healthcare, and energy sectors are among the key adopters of cyber
insurance, as these industries face sophisticated cyber threats that can result
in financial losses and reputational damage. With cyber risks becoming a top
concern for businesses, demand for cyber insurance in the GCC region is
expected to grow significantly in the coming years.
Saudi Arabia is the dominant player in
the GCC cyber insurance market due to its strict cybersecurity regulations,
high cyber risk exposure, and digital transformation initiatives. The National
Cybersecurity Authority (NCA) mandates stringent cybersecurity compliance for
businesses, driving demand for cyber insurance across key sectors such as
banking, oil and gas, and government. The country’s Vision 2030 initiative,
which promotes digitalization and smart infrastructure, further increases the
need for comprehensive cyber risk management. Similarly, the UAE is a key
market, with Dubai and Abu Dhabi leading in cybersecurity regulations and cyber
insurance adoption. Other GCC countries, such as Qatar, Oman, Bahrain, and
Kuwait, are gradually increasing their cyber insurance penetration as
businesses recognize the financial and operational risks associated with cyber
threats.
The future of the GCC cyber insurance
market will be shaped by technological advancements, regulatory developments,
and increasing cyber risk awareness. As cyberattacks become more sophisticated,
insurers will continue enhancing their offerings with AI-driven risk
assessments, real-time threat monitoring, and integrated cybersecurity
solutions. Businesses will also prioritize cyber insurance as a critical
component of their risk management strategies, ensuring compliance with
evolving regulations and mitigating financial losses from cyber incidents
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" GCC Cyber Insurance Market”
The GCC Cyber
Insurance Market is segmented into insurance type, coverage, end user, country distribution,
and company.
Based on the end
user, BFSI (Banking, Financial Services, and Insurance) segment is the
fastest-growing segment in the GCC cyber insurance market, driven by rising
cyber threats, strict regulatory mandates, and rapid digital transformation.
With increasing digital payments, fintech adoption, and online banking,
financial institutions face heightened risks of data breaches, fraud, and
ransomware attacks. Regulatory bodies like Saudi Arabia’s SAMA and the UAE
Central Bank enforce stringent cybersecurity frameworks, making cyber insurance
essential for compliance and risk mitigation. Additionally, banks and insurers
seek protection against financial losses, operational disruptions, and
reputational damage, fueling demand for comprehensive cyber coverage. This
trend positions BFSI as the market's fastest-growing segment.
Based on country,
UAE is the fastest-growing country in the GCC cyber insurance market, driven by
rapid digital transformation, stringent cybersecurity regulations, and rising
cyber threats. The UAE Cybersecurity Strategy and the Dubai Electronic Security
Center (DESC) mandate strong cyber risk management, increasing insurance
adoption across industries like banking, healthcare, and smart infrastructure.
The country’s fintech boom, cloud adoption, and expanding e-commerce sector
further drive demand for cyber insurance. Additionally, partnerships between
insurers and cybersecurity firms enhance risk assessment and policy
customization. As cyber threats evolve, the UAE’s proactive approach to digital
security makes it the region’s fastest-expanding cyber insurance market.
Major companies
operating in GCC Cyber Insurance Market are:
- American
International Group, Inc.
- Chubb
Limited
- AXA
XL
- Allianz
SE
- Zurich
Insurance Company Ltd
- Marsh
LLC
- Aon
plc.
- Beazley
Plc
- Qatar
Insurance Company Q.S.P.C.
- Saudi
Arabian Insurance Company (SAIC)
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“The
GCC cyber insurance market is driven by rising cyber threats, strict government
regulations, rapid digital transformation, increasing corporate awareness, and
growing financial losses from cyberattacks. Key trends include the demand for
tailored industry-specific policies, integration of cybersecurity services with
insurance, rising adoption among SMEs, AI-driven underwriting, and evolving
regulatory frameworks. Businesses are prioritizing cyber insurance to comply
with data protection laws, mitigate financial risks, and enhance cybersecurity
resilience. The market is expanding as insurers develop customized solutions
for high-risk sectors like BFSI, healthcare, and energy. Advanced AI analytics
are also improving risk assessments and policy pricing.,” said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based management
consulting firm.
“GCC Cyber Insurance
Market By Insurance Type (Standalone, Tailored), By Coverage (First-party,
Liability Coverage), By End User (Healthcare, Retail, BFSI, IT, Others), By
Country, Competition, Forecast & Opportunities, 2020-2030F”,
has evaluated the future growth potential of GCC Cyber Insurance Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the GCC Cyber Insurance Market.
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