United India Insurance is set to enter the retail cybersecurity insurance market with the launch of three new products, all of which will provide coverage for laptops and personal computers (PCs) against cyber-attacks.
In a report by The Times of India, Satyajit Tripathy, chairman and managing director of United India Insurance, said that these cybersecurity insurance policies will be launched before March 2024.
Tripathy highlighted the growing threat of cybersecurity and the emerging demand for personal insurance for laptops and PCs. The company expects to generate a premium of Rs 20-25 crore from this new vertical in the first fiscal year (FY25).
The policies will address the need to refurbish or replace affected devices and cover the cost of data recovery. United India Insurance already has a presence in the cybersecurity insurance space, primarily catering to corporate customers.
A Deloitte report cited by Invest India estimates the current value of India’s cyber insurance market at $50-60 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 growing 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.
Elsewhere in the country, the latest industry data for November showed that standalone health insurers in India have played a key role in driving growth in the general insurance sector.
