The first ever study of the Indian Cyber Insurance Industry-2015 throwing up the perception of the industry on what they want from the Cyber Insurers is ready for being released some time in January 2016.
The study undertaken by the undersigned along with a group of IS professionals collected responses from different professionals from the industry and academia has given a good insight into what the industry perceives about the Cyber Insurance policies.
Since the industry is in a nascent stage and the experience of how the industry functions is yet to mature, the results are more representative as a “Perception” or “Expectation” study and would be available for being expanded in the coming days into a “Status of the industry study.
The survey provides interesting insights into the prospects of the industry and what the Insurance companies need to consider to strengthen their products.
Though only 6% of the respondents indicated that they have actual experience of the products, 72% said that they are willing to consider such products if a suitable product at a proper price is available. There is also an indication that if suitable product under proper price is not available, more than 54% of the respondents were not ready to jump in in the near future.
The study also provides valuable qualitative insights into what would be acceptable to the market in terms of conditionalities, exclusions, liability limitations etc.
The report is being issued in two versions. One will be a free version for public information containing the summary of the findings. The other would be a professional version with business insights meant for the industry users which may be nominally priced.
Await for more information in due course.
(First posted on Cyberinsurance.org.in)