Sri Lanka Cyber (Liability) Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sri Lanka Cyber (Liability) Insurance Market Analysis
The Sri Lanka Cyber Liability Insurance Market achieved a market size of USD XX million in 2022 and is expected to grow at a CAGR of about 2% between 2021 and 2027.
Sri Lanka's cyber insurance market is currently very small, yet, it has good growth potential due to supportive internal and external factors. Given the damages from data breaches caused by cyberattacks globally, Sri Lanka's cyber insurance does not provide the necessary levels of coverage for losses. Most firms find the premium amount unacceptably expensive, given their minimal coverage. Additionally, Sri Lankan digital policy, data protection, and cybercrime laws still need to be developed sufficiently to offer effective legal defense and assistance.
Information technology professionals and their management in Sri Lanka are now looking to Cyber insurance products as solutions in managing the risks as incidents of malware, phishing, and ransomware are occurring more frequently in "corporate" Sri Lanka. Although the new Personal Data Protection Act is making its way through Parliament, with increased exposures resulting from "work from home," professionals are experiencing more cyber-attacks than ever. They find the Sri Lankan insurance industry needs to be more responsive to their cyber security needs.
The recent fall of the Sri Lankan currency has driven up the cost of renewing licenses for cybersecurity products. As many businesses experience an increase in phishing and distributed denial-of-service attacks, opportunistic hackers are using the crisis as an excuse to plunder. Cyber insurers are reluctant to renew current coverage as Cybersecurity is the second concern, while the financial crisis is causing food and medicine shortages in the country.
Sri Lanka Cyber (Liability) Insurance Market Trends
Economic Crisis in Sri Lanka is Affecting the Local Cyber-Security
The economic crisis is a double whammy for many banking, industrial, and telecommunications businesses because of poor revenues and depreciating currencies. Cybersecurity poses the prospect of becoming unaffordable for individuals whose security product licenses have expired or are about to do so. For the time being, cyber insurers must refrain from doing business in Sri Lanka. Although cyber insurance is a useful tool for transferring risk, other risk management factors also play a role in the current state of the Sri Lankan cyber market. The crisis has significantly impacted the ability of businesses to invest in cybersecurity.
Majority of Cyber-Attacks in Sri Lanka are Initiated From Outside the Country
Due to the economic downturn, opportunists are being active in Sri Lanka's infrastructure breaches, financial fraud, ransomware assaults, and phishing attacks. Government websites are more frequently the target of online vandalism in this nation. A study into such attacks shows that many were initiated from outside the nation's borders and carried out by individuals with hostile motives rather than organized groups. Small-time independent hackers are developing their abilities or testing their luck. Students or photography studios are frequently victims of ransomware in Sri Lanka. Phishing attacks are prevalent in the manufacturing, education, and healthcare industries.
Sri Lanka Cyber (Liability) Insurance Industry Overview
Since the market is small, very few players are offering cyber liability insurance in Sri Lanka. Some of the major players offering cyber insurance are Fair-first Insurance, Allianz, AXA XL, Milliman Insurance, etc.
Sri Lanka Cyber (Liability) Insurance Market Leaders
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Fairfirst Insurance
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Milliman Insurance
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Allianz
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Axa
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IIRM Lanka
*Disclaimer: Major Players sorted in no particular order
Sri Lanka Cyber (Liability) Insurance Market News
- In January 2022, Fairfirst Insurance launched its innovative Click2Claim platform with AI-powered claim settlements. Using AI technology, this platform could enable them to settle their claims as fast as five minutes. The platform is initially launched for settling Motor claims.
- In August 2022, Allianz Lanka forged a partnership with Cargills Bank, the banking arm of the Cargills Group. Through this partnership, Allianz Life Insurance Lanka Ltd would provide Cargills Bank customers with convenient and comprehensive Decreasing Term Insurance (DTA) solutions.
Sri Lanka Cyber (Liability) Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights on Various Regulatory Trend Shaping the Market
4.6 Insights on Incident Response Initiatives of Other Developing Markets With Potential Use-Cases in Sri Lankan Market
4.7 Impact of Economic Crisis on Cyber Insurance Penetration of Sri Lanka
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By End Users
5.1.1 Personal
5.1.2 SMEs
5.1.3 Corporates
5.2 By Industry
5.2.1 Financial Services
5.2.2 Government Bodies/ Agencies
5.2.3 Healthcare
5.2.4 Professional Services
5.2.5 Other Industries
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Fairfirst Insurance
6.2.2 Milliman Insurance
6.2.3 Allianz
6.2.4 AXA XL
6.2.5 IIRM Lanka*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Sri Lanka Cyber (Liability) Insurance Industry Segmentation
Cyber liability insurance or cyber insurance covers individuals and businesses in the event of a cyber-attack or data breach where the information of an individual and customer is impacted. It helps reduce the financial risk associated with doing business online in case of a data breach or any other online fraud in return for a certain premium to the insurer. With technological advancement and increasing cybercrime rate, it is one of the important covers in the present time. The Sri Lanka cyber-liability insurance can be segmented by business type and industry. The report also offers a complete background analysis of the Sri Lanka cyber liability insurance market, including the analysis and forecast of market size, market segments, industry trends, and growth drivers.
| By End Users | |
| Personal | |
| SMEs | |
| Corporates |
| By Industry | |
| Financial Services | |
| Government Bodies/ Agencies | |
| Healthcare | |
| Professional Services | |
| Other Industries |
Sri Lanka Cyber (Liability) Insurance Market Research FAQs
What is the current Sri Lanka Cyber (Liability) Insurance Market size?
The Sri Lanka Cyber (Liability) Insurance Market is projected to register a CAGR of 2% during the forecast period (2024-2029)
Who are the key players in Sri Lanka Cyber (Liability) Insurance Market?
Fairfirst Insurance, Milliman Insurance, Allianz , Axa and IIRM Lanka are the major companies operating in the Sri Lanka Cyber (Liability) Insurance Market.
What years does this Sri Lanka Cyber (Liability) Insurance Market cover?
The report covers the Sri Lanka Cyber (Liability) Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Sri Lanka Cyber (Liability) Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sri Lanka Cyber (Liability) Insurance Industry Report
Statistics for the 2024 Sri Lanka Cyber (Liability) Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sri Lanka Cyber (Liability) Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
