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A dramatic surge in cybercrime and an increasing awareness of the risk among the population has reassured the industry that cyber insurance will develop into an important area in personal lines insurance.
While traditional crime has been falling steadily in the past 20 years in the UK, cybercrime cases have shot up in recent years, surpassing the total number of cases of traditional crimes, according to data from the Office for National Statistics.
Online banking fraud increased by 64 percent year-on-year in 2015 to £133.5 million.
In the commercial space, cyber insurance has been a hot topic for a while. The US is the most developed market for cyber insurance in the world, driven by the introduction of regulations including mandatory disclosure laws for data breaches.
Cyber, Insurance, Personal Lines, UK General, Munich Re, Plum Underwriting, UK, Europe, Dan Hyde,Tim Marshall, Karen Beales