Cyber policy sales up 340% amid COVID-19
Monday, 08 03 2020, Category: Insurance and Reinsurance, Country: World
Cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown, according to SchemeServe, a UK based insurtech specialising in schemes software.
New data from SchemeServe’s Schemes Premium Index compares data for April 2020 at the height of the lockdown to data from the same period last year.
It shows that policy volumes fell across the board for most lines except cyber, contractors’ all risks, pet, residential property owners and mobile phone insurance.
Employers’ liability schemes saw the biggest fall at 80%, while caravan & trailer fell 70% and legal expenses fell 77%.
In contrast, cyber showed the biggest increase with sales up 340%, followed by residential property owners at 104% and then mobile phone insurance with an increase of 95%.