A fifth of survey respondents said they were interested in buying a cyber product
There is rising interest among the general public in buying cyber insurance, according to newly released data.
The data revealed that one in five consumers surveyed were interested in buying a cyber insurance product, according to GlobalData’s 2020 UK Insurance Consumer Survey.
Of those who were interested, 58% had a household annual income of less than £50,000, showing an increased appetite for such products away from the traditional high net worth market that currently dominates personal lines cyber insurance in the form of add-ons to home insurance.
Commenting on the findings, GlobalData senior insurance analyst Daniel Pearce said: “The need for cyber insurance policies has long been identified in the commercial space, where reliance on technology for day-to-day business activities has grown at an exponential rate.
”However, individuals have also become increasingly dependent on technology. With their exposure to cyber risks growing, the personal cyber insurance market is burgeoning.”
“Providers should not look to exclusively offer personal cyber insurance policies as standalone products.
”GlobalData research indicates that 71% of those who are interested in purchasing a cyber insurance product already hold home insurance cover.
”With the business case for selling cyber insurance products alongside or as add-ons to home insurance already established in the HNW market, providers should not rule this out as a means of reaching out to their existing customer base,” Pearce added.