Growth of embedded cyber insurance in PH

By early 2024, reported 117.4 million active cellular connections, almost matching the entire population.

Source: The Manila Times

This digital growth comes with a downside: a significant rise in cybercrimes. In the first quarter of 2024, the PNP Anti-Cybercrime Group reported 4,469 cybercrimes, a staggering 21.84 percent increase from the previous year.

While government agencies and organizations work hard to combat these crimes, individuals must also take proactive steps to protect themselves. One effective preventive measure is insurance, which is now more accessible through embedded options. Integrated into everyday platforms like e-commerce sites, hotel booking websites and e-wallet apps, embedded insurance makes it convenient for users to obtain the coverage they need to protect against cyber threats.

Patrick Bühler, chief executive and founder of discovermarket, says, “Despite efforts by government agencies to find and prosecute cybercriminals, the Philippines still lacks adequate capabilities to effectively combat cybercrime. As a result, cybercrimes cause financial losses and especially emotional stress for many Filipinos and can even disrupt services on a larger scale.”

As digital assets like identity, cloud services, payments and social media become more integral to daily life, Bühler states that cyber insurance will become essential for both retail and corporate customers over the next 10-15 years. Despite changing protection needs, discovermarket’s role remains the same: staying at the heart of customers, working with brands and partners, and delivering the right protection at the right time.

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