Huge Market Potential for Cyber Insurance: Policybazaar Survey

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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Growing Cyber Insurance Awareness in Tier-II & Tier-III Cities

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.

Written By: PolicyBazaar - Updated: 18 January 2023
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Policybazaar for Business - Cyber Insurance - Customer Reviews
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4.5/5
Based on 47 reviews
4.5
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Based on 47 reviews
12 users
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4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
Agra
4.3 October 06, 2022
Amit
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Delhi