Munich Re forecasts strong cyber-insurance growth

With the massive recourse to teleworking, Munich Re forecasts a significant growth in cyber-insurance. The group expects the industry’s premium volume to grow from 7 billion EUR (8.3 billion USD) in 2020 to 17.1 billion EUR (20.3 billion USD) by 2025.

The German reinsurer is betting on maintaining its 10% share of the global cyber risk market. In addition, a tariff increase is highly possible according to the company.