As interest in cyber coverage from commercial organizations ramps up and concerns grow over the security of internet-connected devices, the insurance industry hopes to expand the market to individuals facing cyber risk.
While identity theft products have existed in personal lines for many years, several insurers have recently introduced coverage that responds to cyber extortion, breach notification costs, financial fraud, personal cyber liability, and cyber bullying. NAS Insurance, American International Group (AIG), and Hartford Steam Boiler (HSB) are among those companies targeting personal lines customers as potential buyers of cyber insurance. The industry may find itself boosted by the vulnerability-riddled smart devices, ransomware demands aimed at individuals and consumer privacy concerns.
Read more at http://www.advisenltd.com/2017/04/10/insurers-see-growth-potential-cyber-personal-lines-market/
Erin Ayers, Insurers see growth potential for cyber in personal lines market (April 10, 2017), available with subscription at Advisen Cyber Front Page News.
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