The cyber attacks are driving demand for cybersecurity insurance. Francisco Rodríguez Larraín, general manager of Gallagher Insurance Broker, explains how the market is.
How is the insurance market doing?
I would tell you that in the corporate business segment, insurance penetration is relatively high. With the appearance of certain emerging risks, we have identified a growing demand for these types of products, even from corporations that previously did not consider them. The other thing is that with the unblocking of projects, the insurance market aligned with the development of works begins to develop. We have been in the construction and now entered into the operation of the port of Chancay. I would tell you that there are better prospects ahead.
How has the demand for cybersecurity insurance been growing?
Interest has grown a lot. Today it is an issue that concerns everyone. We see that attacks happen even in very reputable financial institutions, now no one is immune. There is greater sophistication to the type of attack that exists. Nor can anyone buy coverage for this risk. Currently, many companies are in a stage of preparing standards that allow them to take this coverage.
What is the growth of the personal insurance market?
Demand has remained stable. Peru is still a country that has a lot of room to grow in insurance.
There is a proposal to eliminate credit life insurance, what do you think?
This insurance meets a need. If it did not exist, the perception of risk would be greater and then the bank can charge a higher rate. In the long run this insurance is not bad, if it did not exist, in cases like the pandemic, financial entities would have been left uncovered.
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