“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report…
Ontario’s new legal tort of ‘intrusion upon seclusion’ does not apply in class actions against data aggregators that have been hacked, the Court of Appeal has confirmed. Nine years ago, the courts came up with the new tort of intrusion…
New exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
WHITBY, Ont. – The Durham District School Board says online classes have been cancelled after it was subject to what it’s calling a “cyber incident.” The board, which serves Oshawa and the surrounding region east of Toronto, says it learned…
TORONTO – The union representing public high school teachers in Ontario says it was the victim of a ransomware attack earlier this year that compromised members’ personal information. The Ontario Secondary School Teachers’ Federation says it discovered in late May…
Canada’s ongoing hard market in cyber has seen most insurers capping their coverage at somewhere between $3-million and $5-million, experts observed in a Gallagher Talks session. “We’re seeing exclusions for known [software] vulnerabilities [and] capacity restrictions as well,” said…
Ransomware is out, intellectual property data exfiltration is in. At least, that may be the bigger concern for breached companies these days, cyber experts warned in a Gallagher Talks presentation. Organizations are less likely to pay a ransom when their…
As claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…
When it comes to risk, your clients can be full of excuses. That tendency to deflect is particularly acute when discussions turn to cyber coverage. “My favorite one was ‘We outsource everything,’” which implies someone else was taking on all…
Softer market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies…
A consistent stream of property and casualty brokerage acquisition announcements over the past few years likely has a lot of brokerage owners thinking about how they’ll eventually exit the business. For most sales transactions, there are three basic options. One…
Ontario’s privacy commissioner recommends businesses should consider an insurance policy that will cover first-party costs of responding to a ransomware attack. “Consider obtaining a cyber insurance policy that offsets the costs associated with responding to an incident such as forensic…