Kathmandu. The Asia Pacific region is set to lead the global crime insurance market.
According to Allied Market Research, the Asia Pacific region is expected to lead the global crime insurance growth with a compound annual growth rate of 18.6%. This growth rate is expected to be achieved between 2023 and 2032. That’s the fastest compared to other areas.
According to Allied, the growth of the crime insurance market in the Asia Pacific region is driven by rapid economic growth, growing trade, and increasing financial transactions. “The global crime insurance market is expected to grow from $13.7 billion in 2022 to $47.7 billion by 2032,” said the report by Allied. ’
The report identifies technological advancements and globalization as the major factors driving the growth of the crime insurance market. However, the report depicts complex claims processes and changing regulations as obstacles.
The growing demand for cyber insurance is also creating new opportunities for the crime insurance market. In 2022, fraud insurance coverage accounted for nearly two-fifths of global crime insurance revenue. According to the report, the largest market share is due to increasing cyberattacks linked to widespread internet access.
Meanwhile, theft cover is expected to grow at a faster rate of 18.5 percent annually due to globalization, technological advancements, and more complex supply chains. Businesses accounted for more than two-thirds of total demand in 2022, reflecting regulatory pressures to protect sensitive data and financial assets, the report said.
However, personal crime insurance is expected to grow the fastest at a compound annual growth rate of 15.6 per cent, the report said. “This is supported by concerns about identity theft, remote work trends and home-based businesses,” the report said.
