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Cyber losses total about $60 billion each year: Allianz report

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A report by Allianz Global Corporate and Specialty S.E., a unit of Allianz S.E., has found that cyber losses in China total an estimated $60 billion each year, Asia Insurance Review reported.

China leads Asia in estimated cyber losses annually, the report said. Cyber losses total an estimated $1.2 billion and $980 million in Singapore and Japan, respectively. AGCS estimates that cyber insurance premiums will grow at a compound annual growth rate of over 20% in the coming decade.

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