The research found that cybersecurity insurance will be the greatest potential driver of new premiums, totaling US$64 billion by 2025, followed by product liability insurance (US$14 billion) and public infrastructure insurance (US$3 billion).
These three new business lines include:
- Cybersecurity: Protection against remote vehicle theft, unauthorized entry, ransomware and hijacking of vehicle controls, as well as coverage for identity theft, privacy breaches and the theft or misuse of personal data.
- Product liability for sensors and software algorithms: Manufacturer coverage for failures related to communications (e.g., internet connection), software (including bugs, memory overflow and program defects) and hardware (sensory circuit failure, camera vision loss, and radar and lidar failures).
- Public infrastructure: Insurance for cloud server systems that manage traffic and road networks, in addition to failure of external sensors and signals; and communication problems originating at the system level.
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