Rebooting growth: Howden's 2025 cyber insurance report
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Cyber insurance growth has stalled after a decade of rapid expansion. So where does the market go from here?
With high-profile cyber attacks regularly making headlines over the last 18 months, the need for protection has never been more pressing.
Cyber insurance is one of the sector's biggest success stories in recent memory. Its growth has been fuelled by an increasingly volatile threat landscape as well as a proactive market response. Today, insured companies are better protected than ever thanks to stronger governance and risk management.
But while cyber insurance's performance remains stellar, rates are falling, competition is ramping up and the market's exposure-base isn't expanding quickly enough.
Where should the market be looking to expand? Read on for key highlights of our latest cyber report, and download the full PDF.
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Source: Howden
Europe's untapped potential
In the current softening market cycle, meeting premium targets will mean expanding protection in underserved regions. For this report, Howden surveyed a broad cross-section of businesses in France, Germany, Italy and Spain, where more than 70% of companies are uninsured.
Only 22% of businesses in Italy have cyber insurance, whereas the UK reports 39% of its businesses are insured.
We also found that almost half (49%) of businesses in these four countries were targets of at least one cyber attack in the last five years, costing an estimated €307 billion in direct costs.
The potential in Europe is clear: 41% of businesses with over €500 million in revenue intend to purchase cyber insurance for the first time in the next five years. For a €500 million business, cyber insurance can save approximately €16 million in attack-related costs over ten years. That means a 19% return on investment – a compelling value proposition.
With with rates continuing to fall in the low-double-digit range, current market conditions present a highly favourable entry point for new buyers in Europe.
For cyber risk, Europe is the headline to watch: urgency and opportunity are moving in the same direction and the implications for buyers are significant.
– Shay Simkin, Chair of Howden Cyber
Source: Howden, YouGov
We're global experts in cyber insurance
Our analysis confirms the powerful role cyber insurance plays in mitigating one of the most critical threats facing businesses today.
Meeting clients’ needs requires deep sector knowledge, strong partnerships with third party experts and unrivalled relationships with (re)insurers and other capital providers. Howden’s Cyber team provides all this and more.
Download the report below for our full analysis, then come and talk to us.
Cyber insurance is not just a protective measure, but a strategic enabler of resilience that accelerates recovery, strengthens risk management and reduces financial losses.
