Global insurance market report [gimar]

partnerships, and/or offer new products, which
in turn could lead to high insurer growth rates
and profits.
30
Insurance technology (InsurTech) startups and 
other partnerships may provide an opportunity 
to encourage market participation. InsurTech 
could facilitate the development of new products 
or offer innovative methods of assessing IT 
risks. Startups and partnerships could also 
provide other valuable services such as access 
to a large database of information or customer 
support in risk mitigation and incident response 
(whether from a technical or legal perspective). 
Figure 3.1a:
Global cyber-insurance premiums and future estimates (USD million, 2009–2022)
Source: Aon Cyber Insurance Market Insights – Q3 2018
8000
7000
6000
5000
400 0
3000
2000
1000
0
2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E
Rest of the world
Europe 
US
Millions

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15
This type of business collaboration is already 
happening in other markets and incentivises 
further developments in the insurance market. As 
these opportunities develop, insurers will need to 
assess the potential value of new partnerships, 
while supervisors will need to assess their role in 
supervising the activities of these business
partners. The hope is that new players in the 
market may improve efficiency and create 
innovative solutions that meet insurers’ specific 
business needs and expectations.
3.1.3 Risk Management and Regulatory 
Considerations
Cyber-risk measurement
At a basic level, measuring cyber-risk uses the 
same methodology as other risks: an underwriter 
must project the likelihood of covered incidents 
at different levels of severity. Insurers may use a 
variety of data sources, including:
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