Cyber Policy Sales Up 340% Amid COVID-19

During the COVID-19 lockdown, most organizations made a quick transition to working remotely, while intensifying their focus on serving customers through digital channels. This created a rapid surge in demand for digital capabilities, products, and services. At the same time, it sparked huge demand in cybersecurity as telecommuting became the new normal.

Data shows that cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown. Policy volumes fell across the board for most lines, but 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%.

As schemes are vital elements of the insurance landscape, schemes business could potentially bounce back and may have some new growth areas brought by COVID-19. The pandemic has impacted many lines, and experts advised that smart brokers should look at specialist schemes technology to lower their costs, increase efficiency, and maximize distribution.
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SOURCE: https://www.reinsurancene.ws/cyber-policy-sales-up-340-amid-covid-19-schemeserve/