Rising Concerns

As uncertainty becomes the norm, there’s a scramble for adaptive strategies to tackle risks—from cyber threats to climate change or even insurance that protects a change of mind. At Wakam, we craft tailored insurance solutions designed to meet these evolving needs, offering flexibility and innovation for a rapidly changing world.

Adapting to emerging risks

In a world of evolving challenges, the insurance industry is transforming. With rising cyber threats and weather disasters, future-proof solutions like parametric insurance offer a smart, resilient way to protect against the unpredictable.

Cyber Insurance Growth

Expected to reach $120.47 billion by 2032.
33,561 cyber insurance claims reported in 2023 (30% increase).
Average data breach cost reached $4.88 million in 2024

Weather disasters and insurance

With the rise of frequency and severity of claims and the increase of the average claim amounts, premiums in vulnerable areas are increasing and insurers are Withdrawing from high-risk areas.

Parametric insurance expansion

Global CAGR of 11.5% projected from 2024 to 2032

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A Market on the Rise

The evolution of risks highlights three growing concerns: an expanding cyber threat with a market expected to reach $120.47 billion by 2032 and a 30% increase in claims (33,561 reported in 2023); climate vulnerability driving insurers to withdraw from high-risk areas due to the rising frequency and severity of disasters; and the emergence of parametric solutions as an innovative response, with a projected CAGR of 11.5% through 2032.

Consumer Expectations

Not just a financial protection mechanism, but a comprehensive risk management tool

Financial protection against ransomware attacks and data breaches, coverage for incident response costs and investigations, data recovery expenses coverage, business interruption compensation.

Protection against the rise of frequency and severity of claims

Support for preventive measures, continued availability in high-risk areas and fair pricing based on risk mitigation efforts.

Need for faster claim settlements and more predictable coverage outcomes

Customers increasingly valuing parametric insurance for its speed, transparency, and efficiency in providing financial protection against specific risks.

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