Allianz expects to hold a fifth of the European cyber market by 2018 and forecasts significant growth in the product line outside of the US, a board member said on Wednesday.
Speaking at a press briefing on Wednesday, Hartmut Mai, board member at Allianz Global Corporate and Specialty said on Wednesday said that the firm saw cyber insurance as "a big growth market".
While cyber insurance products in the United States are already well developed, generating premiums of around $1.3bn per year, they are drawing premiums of only around €150m ($192m) in continental Europe, including between €50m and €70m in Germany, Mai said.
"We see the overall market in Europe at between €700m and €900m 2018," Mai said, adding that Allianz aimed to grow with the market and hold a share of around a fifth.
Allianz has brought several types of risk cover, including some existing insurance products, into a single package for its cyber offering, which it expects will be of interest to telecoms companies, software houses, online retailers and banks.
Annual premiums would range from roughly €50,000 to €90,000 and would offer between 10 and €50m of protection, Mai said.
The insurer is rolling out the package in western Europe, Australia and New Zealand this year and will target several Asian countries in 2014.
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