Government-backed United India Insurance is looking to enter the retail cybersecurity insurance industry, reported the Times of India.
The company intends to roll out three insurance solutions that would protect laptops and PCs from cyber threats.
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United India Insurance chairman and managing director Satyajit Tripathy told the publication that the new offerings are set to launch before March 2024.
“Cybersecurity threats are becoming humongous and there is a significant demand for retail insurance for laptops and PCs. We are expecting a premium of Rs200m ($2.4m)–Rs250m ($2.8m) through the retail cybersecurity insurance during the first year of the FY25 [financial year 2025],” Tripathy added.
The insurance coverage will include costs for data retrieval as well as maintenance and replacement of affected devices such as PCs and laptops.
Currently, the insurer provides cybersecurity insurance for corporate clients.
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By GlobalDataAccording to Invest India, which cited a report by Deloitte, the country’s cyber insurance market is currently valued at $50m–60m.
Over the coming three to five years, it is expected to grow at a compound annual growth rate of 27–30%.
Invest India serves as a consultant, mentor and partner to those seeking to make investments in India.
In 2022, there were more than 1.4 million cybersecurity incidents in India, according to the Computer Emergency Response Team of India, the nation’s primary cybersecurity organisation.
United India Insurance aims to achieve a gross written premium (GWP) of Rs198bn in FY24, around a 13% increase over the previous year’s GWP of Rs176.44bn in 2022–23.
Health insurance makes up 40% of the Chennai-headquartered company’s portfolio, followed by auto insurance at 34%, with crop and property insurance sharing the remaining percentage.
The market for auto insurance is expanding significantly.
“The motor insurance premium recorded an 18% growth in H1 [the first half of] FY24 when compared with the same period in FY23,” Tripathy noted.
According to a report by the Hindu Business Line, United India Insurance could be the Indian Government’s pick for a privatisation initiative.
