Growth of embedded cyber insurance in PH

MOBILE and internet usage is reaching new heights in the Philippines. By early 2024, datareportal.com reported 117.4 million active cellular connections, almost matching the entire population. 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.