A GlobalData survey has discovered that greater than half of UK business brokers consider cyber insurance coverage is the product that has probably the most progress potential within the business insurance coverage trade. This displays rising consciousness of cyber threats and heightened threat perceptions amongst companies, each of that are driving demand—regardless that adoption of cyber cowl is just not but common.
In accordance with GlobalData’s 2025 UK Business Insurance coverage Dealer Survey, cyber insurance coverage stands out because the product with the best potential for progress. Greater than half of the brokers surveyed (53.6%) chosen it as probably the most promising rising product, nicely forward of different areas reminiscent of renewable vitality insurance coverage (8.8%) and canopy for AI-related liabilities (7.6%). The size of this hole suggests the market sees cyber threats as a key space the place insurance coverage demand will rise sharply. This rising demand is being additional fuelled by heightened consciousness amongst companies and the frequent reporting of cyberattacks within the media.
Which new or rising business insurance coverage product do you see as having probably the most progress potential? 2025
GlobalData’s findings are backed by current knowledge from QBE Insurance coverage Group. Its 2024 report confirmed that the variety of cyberattacks greater than doubled in comparison with the yr earlier than, rising by 104%. It additionally discovered that a big majority of IT choice makers (78%) have been frightened concerning the cyber threats going through their organisations within the yr forward. These findings echo sentiments from brokers and level to a rising sense of urgency amongst companies to strengthen their digital threat administration.
Regardless of this, many companies nonetheless haven’t taken out cyber insurance coverage. Whereas consciousness is clearly rising, this has not but translated into widespread adoption. GlobalData’s 2025 UK SME Insurance coverage Survey discovered that simply 40.2% of small- and medium-sized enterprises (SMEs) have cyber insurance coverage. This hole between concern and motion represents a significant alternative for brokers, notably within the SME house. Smaller corporations are sometimes extra weak to assault however have fewer assets to reply successfully, making them sturdy candidates for tailor-made cowl.
If uptake is to develop, insurers might want to give attention to making merchandise simpler to grasp and extra related to several types of companies. There stays confusion round what cyber insurance coverage really covers, particularly in relation to conditions reminiscent of downtime, knowledge breaches, and regulatory penalties. Constructing clearer insurance policies and providing simple recommendation might be key to serving to extra corporations really feel assured in taking out safety.
