Nearly half of UK consumers are open to purchasing a travel insurance policy that pays out automatically, according to GlobalData’s 2024 UK Insurance Consumer Survey. Major airports like Heathrow, Dublin, and Brussels are facing significant disruption after a cyber attack over the weekend.

The survey found that 45.7% of UK consumers would pay more for automatic travel insurance, with 24.7% willing to accept a 5% increase and 14.1% willing to pay up to 10% more. Meanwhile, 37.5% said they wouldn’t pay extra and 16.8% were unsure.

The cyber attack on major European airports has caused flight cancellations, delays, and long queues. This highlights the importance of parametric travel insurance, which offers automatic payouts in case of delays or cancellations, providing faster financial relief to travellers during disruptions.

The incident underscores the growing threat of cyber attacks across industries, with 53.6% of UK commercial insurance brokers identifying cyber insurance as a product with significant growth potential. Businesses are increasingly seeking protection against operational and financial disruption.

Insurers need to promote parametric travel insurance as a solution for travellers facing risks and position cyber insurance as a preventative tool for businesses to detect, mitigate, and respond to attacks effectively. Raising awareness and uptake of both types of coverage is crucial in today’s hostile digital environment.

Read more at Yahoo Finance: Consumers willing to pay more for automatic travel insurance as cyber threats disrupt airports