Canada Cyber (liability) Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Canadian Cyber (Liability) Insurance Market Report is Segmented by Insurance Type (Package and Stand-Alone), Coverage (Data Breach, Cyber Liability, First-Party Coverage, Third-Party Coverage, and Other Coverages), Enterprise Size (Large Enterprises and SMEs), and End User (BFSI, IT and Telecommunication, Retail and E-Commerce, Healthcare, Manufacturing, Government and Public Sector, and Other End Users). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

Canada Cyber (liability) Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Canada Cyber Insurance Market Size

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Canada Cyber Insurance Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 0.56 Billion
Market Size (2030) USD 1.22 Billion
CAGR (2025 - 2030) 16.89 %
Market Concentration Medium

Major Players

Canada Cyber Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Canada Cyber Insurance Market Analysis

The Canada Cyber Insurance Market size in terms of premium value is expected to grow from USD 0.56 billion in 2025 to USD 1.22 billion by 2030, at a CAGR of 16.89% during the forecast period (2025-2030).

In response to escalating cyber threats, the Canadian cyber (liability) insurance market has swiftly adapted. As cyberattacks, from ransomware to sophisticated phishing schemes, become more prevalent, organizations of all sizes and industries recognize the critical need for comprehensive cyber insurance. Beyond just coverage for breaches, cyber liability insurance now also encompasses legal fees and expenses tied to privacy violations and regulatory fines, especially as Canada's data protection regulations tighten.

The digital transformation, hastened by the COVID-19 pandemic, has spurred a heightened demand for cyber insurance in Canada. As businesses pivot to remote work and cloud operations, the urgency for protection has intensified. Notably, small and medium-sized enterprises (SMEs) are becoming more conscious of their vulnerabilities, often seen as easy targets by cybercriminals due to their limited cybersecurity resources.

The unpredictable nature of cyber risks complicates policy pricing for insurers. The absence of standardized data on cyber incidents, coupled with the ever-evolving cyber threat landscape, adds to the challenge. Furthermore, as cyberattacks grow in frequency and severity, businesses face rising premiums and stricter underwriting standards.

Competitive Landscape

The Canadian cyber (liability) insurance market is semi-fragmented. The market has witnessed several new market entrants this year, and capacity continues to be available. The competitive landscape of the market has also been analyzed in the report. Some of the major players include AXA, Allianz, Chubb, Coalition, and Aviva.

Canada Cyber Insurance Market Leaders

  1. AXA

  2. Allianz

  3. Aviva

  4. Chubb

  5. Coalition

  6. *Disclaimer: Major Players sorted in no particular order
Canada Cyber Insurance Market Concentration
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Canada Cyber Insurance Market News

  • April 2024: BOXX Insurance, a frontrunner in Canada's cyber insurtech landscape, launched CyberboxxTM Business 5.0. This flagship product is touted as a solution for cyber insurance and protection. Cyberboxx Business 5.0 combines cyber threat prediction, prevention, and comprehensive insurance coverage. Its advanced features acknowledge the intertwined realities of today's business landscape.
  • September 2023: Coalition announced a new long-term partnership with HDI Global Specialty SE, the specialty insurance carrier of HDI Global SE offering international insurance. In 2024, HDI Global Specialty joined Coalition's Cyber and Technology E&O panel in Canada to provide insurance capacity. The insurer assumed a quota share on all cyber insurance products Coalition provides in Canada, incepting on or after January 1, 2024.

Canada Cyber Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS AND INSIGHTS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 High Rate of Recovery of Financial Losses to Promote the Market's Growth
    • 4.2.2 Increase in Frequency and Sophistication of Cyber Threats
  • 4.3 Market Restraints
    • 4.3.1 Lack of Cybersecurity Insurance Awareness
    • 4.3.2 Soaring Cybersecurity Insurance Costs
  • 4.4 Market Opportunities
    • 4.4.1 Adoption of Artificial Intelligence and Blockchain Technology for Risk Analytics
  • 4.5 Value Chain Analysis
  • 4.6 Industry Attractiveness: Porter's Five Forces Analysis
    • 4.6.1 Threat of New Entrants
    • 4.6.2 Bargaining Power of Buyers
    • 4.6.3 Bargaining Power of Suppliers
    • 4.6.4 Threat of Substitutes
    • 4.6.5 Intensity of Competitive Rivalry
  • 4.7 Insights into Technological Advancements in the Industry
  • 4.8 Impact of the COVID-19 Pandemic on the Market

5. MARKET SEGMENTATION

  • 5.1 By Insurance Type
    • 5.1.1 Packaged
    • 5.1.2 Stand-alone
  • 5.2 By Coverage
    • 5.2.1 Data Breach
    • 5.2.2 Cyber Liability
    • 5.2.3 First-party Coverage
    • 5.2.4 Third-party Coverage
    • 5.2.5 Other Coverages
  • 5.3 By Enterprise Size
    • 5.3.1 Large Enterprises
    • 5.3.2 SMEs
  • 5.4 By End User
    • 5.4.1 BFSI
    • 5.4.2 IT and Telecommunication
    • 5.4.3 Retail and E-commerce
    • 5.4.4 Healthcare
    • 5.4.5 Manufacturing
    • 5.4.6 Government and Public Sector
    • 5.4.7 Other End Users

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration Overview
  • 6.2 Company Profiles
    • 6.2.1 AXA
    • 6.2.2 Allianz
    • 6.2.3 Assicurazioni Generali
    • 6.2.4 Coalition
    • 6.2.5 Aviva
    • 6.2.6 Rogers Insurance
    • 6.2.7 Chubb
    • 6.2.8 SGI Canada
    • 6.2.9 Boxx Insurance
    • 6.2.10 Cansure*
  • *List Not Exhaustive

7. FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

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Canada Cyber Insurance Industry Segmentation

Cyber liability insurance serves as a protective contract for entities engaged in online business, helping to mitigate associated financial risks. By paying a monthly or quarterly premium, businesses can transfer a portion of their online risks to the insurer. 

The Canadian cyber (liability) insurance market is segmented by insurance type, coverage, enterprise size, and end user. By insurance type, the market is segmented into package and stand-alone. By coverage, the market is segmented into data breach, cyber liability, first-party coverage, third-party coverage, and other coverages. By enterprise size, the market is segmented into large enterprises and SMEs. By end user, the market is segmented into BFSI, IT and telecommunication, retail and e-commerce, healthcare, manufacturing, government and public sector, and other end users. The report offers market size and forecasts in value (USD) for all the above segments.

By Insurance Type Packaged
Stand-alone
By Coverage Data Breach
Cyber Liability
First-party Coverage
Third-party Coverage
Other Coverages
By Enterprise Size Large Enterprises
SMEs
By End User BFSI
IT and Telecommunication
Retail and E-commerce
Healthcare
Manufacturing
Government and Public Sector
Other End Users
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Canada Cyber Insurance Market Research FAQs

How big is the Canada Cyber Insurance Market?

The Canada Cyber Insurance Market size is expected to reach USD 0.56 billion in 2025 and grow at a CAGR of 16.89% to reach USD 1.22 billion by 2030.

What is the current Canada Cyber Insurance Market size?

In 2025, the Canada Cyber Insurance Market size is expected to reach USD 0.56 billion.

Who are the key players in Canada Cyber Insurance Market?

AXA, Allianz, Aviva, Chubb and Coalition are the major companies operating in the Canada Cyber Insurance Market.

What years does this Canada Cyber Insurance Market cover, and what was the market size in 2024?

In 2024, the Canada Cyber Insurance Market size was estimated at USD 0.47 billion. The report covers the Canada Cyber Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Canada Cyber Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Canada Cyber (Liability) Insurance Industry Report

Statistics for the 2025 Canada Cyber (Liability) Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Cyber (Liability) Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.