Almost one-third of Asian insurers expect cyber insurance to grow 50% in the next three years, a Munich Re survey shows.

Some 83% have already noted increased demand, but just 10% offer coverage for cyber risks, according to the poll taken at the Singapore International Reinsurance Conference in November.

New technologies such as automated vehicles and the Internet of Things, plus the introduction of stricter laws and regulations, are driving a spike in cyber exposure, the reinsurer says.

About 40% of survey respondents are developing new cyber covers, but 43% have yet to market policies.

“Compared with Asia and Europe, the US markets are already relatively far advanced,” Munich Re board member with responsibility for Asia Ludger Arnoldussen said.

“According to our own estimates, the market volume for cyber covers in Asia is likely to reach $US0.5-$US1.5 billion ($0.71-$2.14 billion) by 2020.

“Our aim is to assist our clients in tapping into this attractive market.”