New Zealand insurer Delta Insurance Group has sealed a cyber insurance contract with Hotai Insurance in Taiwan, expanding its presence in Asia.

Its office in Singapore will provide commercial cyber insurance and long-term product support, including risk management services and training for Hotai employees.

The agreement follows similar accords the insurer signed recently with Bao Viet Insurance in Vietnam, and earlier deals in Hong Kong, Cambodia and Thailand. Next up are Indonesia, the Philippines, South Korea, Malaysia and Japan.

“Delta Insurance Singapore is our Asia hub operation,” MD Ian Pollard said. “Our intention is to develop partnerships similar to the Hotai and Bao Viet agreements across the region, where we share our capabilities and the specialty insurance lines we have developed, such as cyber-insurance.

“It’s not just a paper-based arrangement. It’s very much a ‘hands-on’ collaborative partnership to develop the capabilities of our partners.”

Delta expects significant growth from Asia in the next two years, citing the region’s relatively low cyber insurance take-up rate of 5% as a key factor behind its upbeat projections.

“We feel there is enormous potential to expand our product presence in existing markets and progressively extend our footprint across the region,” Mr Pollard said.