UK commercial brokers are increasingly prioritising the development of cyber products for their existing clients, according to GlobalData research. This highlights the growing importance of cybersecurity in today’s digital landscape.
According to GlobalData’s 2023–2024 UK Commercial Insurance Broker Surveys, 25% of UK commercial brokers are interested in developing cyber insurance products for their existing clients in 2024, up from 18.2% in 2023. This trend highlights a shift in the insurance industry towards acknowledging the crucial importance of offering protection against cyber threats and data breaches. In response to the increasing demand for cyber insurance solutions, brokers are taking proactive steps to meet the changing needs of their clients by creating cyber platforms. By doing this, brokers not only showcase their dedication to delivering strong risk mitigation strategies but also position themselves to take advantage of the growing market for cybersecurity solutions.
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One example of this trend is Howden’s launch of a cyber insurance platform targeting small and medium-sized enterprises (SMEs), a segment historically underserved in the cyber insurance market. As per GlobalData’s 2023 UK SME Insurance Survey, only 14.7% of SMEs currently have cyber insurance coverage, indicating a significant gap in protection among these businesses. Howden’s initiative is in line with the increasing cyber threats faced by SMEs, with an 85% rise in ransomware incidents in 2023 and a further 30% rise in 2024, as reported by the NCC Group. This highlights the critical need for enhanced cybersecurity measures and insurance solutions to safeguard businesses against evolving cyber risks.
Brokers should continue to innovate and develop cyber insurance products to meet the growing demand for cybersecurity coverage among their clients. By staying ahead of emerging cyber threats and offering tailored solutions, brokers can strengthen their market position and enhance client relationships.
Furthermore, insurers should seize the opportunity to develop new cyber products targeting underserved segments such as SMEs and explore avenues for personal cyber insurance, given that the interest of brokers highlights demand among customers for this cover. This approach has the potential to drive increased business through brokers and expand market reach.
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