United India Insurance eyes retail cybersecurity insurance: Report

The policies will offer insurance coverage to refurbish or replace the affected gadgets and expenses towards retrieving data.

Public sector United India Insurance will foray into the retail cybersecurity insurance vertical. It will launch three products, providing insurance cover for laptops and personal computers (PC) against cyber attacks, reported the Times of India.

The policies will offer insurance coverage to refurbish or replace the affected gadgets (laptops and PC) and expenses towards retrieving data. Already, the company is offering cybersecurity insurance in the corporate space.

The Computer Emergency Response Team of India (CERT-IN), India’s national agency to deal with cyber security, has revealed that the country witnessed around 1.4 million cybersecurity incidents in 2022.

The Chennai headquartered insurer is targeting a Gross Written Premium (GWP) of Rs19,800 crore in FY24, nearly 13% growth when compared with the previous year of 2022-23 at Rs17,644 crore.

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Amongst the portfolio, health insurance accounts for 40%, followed by motor policies at 34% and the rest shared between property and crop insurance. Motor insurance is witnessing substantial growth.