Topic Cyber
Selling your brokerage? Don’t forget to tell your clients
October 31, 2022 by Michael CareyImagine you’re a client who calls your broker to talk about renewing a policy, only to find they’ve sold the business and moved to Florida. It’s hardly an elegant retirement notification. A client would much rather be told about the…
What your cyber clients are doing right (and wrong)
October 24, 2022 by Jason ContantCyber insurance customers are getting better at protecting their personal information and data from cyberattacks but poor cybersecurity behaviours remain prevalent, according to the results of Chubb’s Fifth Annual Report on Personal Cyber Risk. For the first time, the annual…
Opinion: How to end subscription policy bottlenecks
October 21, 2022 by Douglas MorrowWhile the worst of the hard market in Canada is gradually drifting behind us and COVID-19 is taking something of a holiday, not all is rosy, especially for commercial lines business. Brokers worked tirelessly over the past several years to…
Why benefits, retirement and wealth planning are now P&C profit centres
October 14, 2022 by Philip PoradoRecent merger deals announced by Canadian commercial P&C brokerages increasingly feature acquisitions of wealth management and employee benefits firms, and this is no accident, brokers tell Canadian Underwriter. This subset of M&A is about P&C brokerages becoming a type of…
Predictions for regulation in cyber market
October 14, 2022 by Alyssa DiSabatinoRegulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators…
Manitoba not doing enough to protect information systems: auditor
October 14, 2022 by Steve Lambert - THE CANADIAN PRESSWINNIPEG – The Manitoba government needs to better protect its information systems from internal misuse and outside attacks, the provincial auditor general said Thursday. Tyson Shtykalo’s 21-page report focused on system administrators and other people with deep access to systems…
Is cyber insurance upticking across Canadian organizations?
October 11, 2022 by Alyssa DiSabatinoSeventy-four per cent of organizations across Canada have decided to invest in cyber insurance in 2022 compared to 59% in 2021 despite increasing costs and requirements, finds a survey from the Canadian Internet Registration Authority (CIRA). However, most organizations…
How reinsurers view the rise of MGAs: a flash in the pan, or sustainable?
October 3, 2022 by David GambrillGlobal reinsurers are looking at the current rise of managing general agencies (MGAs) with a critical eye, questioning whether the phenomenon will be long-lasting, or simply a fad rooted in a hard-market demand for capacity. “At the risk of sounding…
What cyber insurers can learn from property insurance policies
October 3, 2022 by Alyssa DiSabatinoAn increase in frequency and severity of cyber insurance claims may be on the horizon, but insurers may be able to stick-handle this risk by taking inspiration from property insurance programs, said one cyber expert during a Canadian Underwriter webinar.…
Will Canada’s cyber reporting be harmonized?
September 30, 2022 by Alyssa DiSabatinoThe Insurance Bureau of Canada would like to see a harmonization in Canada on cyber reporting, says Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “A lot of regulators around the world…
Which firm racked up 8 mergers over the summer?
September 28, 2022 by Canadian Underwriter StaffBrokerage M&A has been hectic so far in 2022, with one firm bringing eight brokerages across Canada under its wing during the summer. Navacord today announced it closed eight acquisitions during July and August that expands the company’s presence in…
What your commercial clients forget to do after a cyber breach
September 27, 2022 by Alyssa DiSabatinoCommercial clients who suffered a cyber data breach may be inclined to quickly pay the ransom and get back on their feet, but brokers should advise their clients not to forget about post-breach communication with their customers and employees. If…