Cyber has been long-touted as offering insurers and brokers a huge opportunity in commercial lines – from SMEs to corporates. But as individual consumers become ever more aware of their vulnerability to data breaches and cyber attacks, an equally large opportunity potentially exists in personal lines too. With this in mind, Post, in association with Cyberscout, brought together a panel of experts to discuss the potential for personal cyber insurance and look at how this might manifest itself
The session began with participants discussing how insurers can move cyber cover out of the mid and high-net-worth space – where it is mostly offered at present – into the mainstream.
Tom Spier, commercial director at Cyberscout, said: “Over the last 15 years we’ve seen several different types of solutions come into the market and then grow, and trickle down into mainstream insurance.
“It has normally started as a HNW proposition, and what we find is that it pretty quickly gets picked up by the mass market divisions on the personal lines side.”
Steven Cunnington, product development for cyber solutions at Collision Group, said that…
