United India Insurance is set to enter the retail cybersecurity insurance market with the introduction of three new products, all designed to provide insurance coverage for laptops and personal computers (PCs) against cyberattacks.
In a report from The Times of India, Satyajit Tripathy, chairman and managing director of United India Insurance, said that these cybersecurity insurance policies are scheduled for launch before March 2024.
Tripathy highlighted the growing threat of cybersecurity and the emerging demand for retail insurance for laptops and PCs. The company anticipates generating a premium of Rs 20 to Rs 25 crore through this new vertical in the first fiscal year (FY25).
The policies will cater to the needs of refurbishing or replacing affected gadgets and cover the costs associated with data retrieval. United India Insurance already has a footprint in the cybersecurity insurance sector, primarily catering to corporate clients.
A report by Deloitte, as cited by Invest India, estimates the current value of India’s cyber insurance market at $50 million to $60 million. This market is expected to grow at a compound annual growth rate (CAGR) of 27%-30% over the next three to five years.
The rising concern over cybersecurity in India is underscored by data from the Computer Emergency Response Team of India (CERT-IN), which reported approximately 1.4 million cybersecurity incidents in 2022.
What are your thoughts on this story? Please feel free to share your comments below.
