An online survey conducted by Policybazaar on National Insurance Awareness Day 2022 depicted significant scope for awareness for relatively lesser-known insurance products, namely cyber insurance, home insurance, mental health insurance and pet insurance.
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Annual survey conducted by Policybazaar revealed remarkable insights into the awareness levels as well as purchase triggers with respect to contemporary insurance products among respondents.
Aimed to analyse consumer awareness and interests in emerging insurance products, this survey was conducted on more than 4,500 customers with the results revealing huge market opportunity for these new-age products. Remarkably, the awareness and purchase consideration was higher in tier 2 and tier 3 cities.
Out of all these products, almost 23% of respondents had purchased cyber insurance. This is remarkable indeed as almost 48% respondents from tier 2 and tier 3 cities had purchased or intended to buy cybersecurity insurance, as compared to 36% respondents from tier 1 cities.
The contrast clearly depicts the increasing internet consumption in smaller cities and stark awareness regarding cybersecurity and means to safeguard their internet consumption.
As per the survey findings, cybersecurity insurance is still in nascent stages but seems to be the next big thing in the insurance sector. 31% respondents from tier-2 cities and 29% respondents from tier-3 cities, the highest among all the respondents indicated their propensity to purchase cyber insurance. This is higher than the 16% respondents from tier-1 cities.
However, among the respondents who actually bought a policy, around 20% of these respondents were from tier-1 cities and only 17% respondents were from tier 2 and tier 3 cities. However, this still represents a sturdy increase in cyber awareness to effectively battle intangible cyber threats that digital assets across India face today.
Another interesting observation was the growing inclination towards family cyber protection plans. The emerging trend has potential in smaller cities where the highest number of insured customers (45%) bought family cyber protection plans. On the other hand, 35% respondents bought individual plans whereas 20% respondents had coverage under corporate policies.
Though non-purchasers, around 53% of the respondents showed an interest in purchasing family cyber insurance plans implying an increased preference for comprehensive protections that covers the individual as well as their entire family.
Around 20% of total respondents were victims to cybercrimes because of which they suffered a financial loss. Out of those respondents, only 24% ended up purchasing a policy. Nearly 29% neither considered purchasing one or purchased a policy.
Another important finding that indicates an apparent preference for cybersecurity insurance is that unauthorised transactions were the most common threat that caused financial loss to the respondents. Because of this, nearly 57% of respondents wished to get covered under cybersecurity insurance.
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