Topic Cyber
Do clients really want brokers to be risk advisors, too?
April 7, 2022 by Alyssa DiSabatinoAlthough 30% of commercial lines clients say they want to hear more from their broker about emerging threats to their business, there may be dissonance between their words and their actions, say broker experts. Commercial lines consumers in Canadian…
How profitable was Canada’s P&C industry last year?
April 7, 2022 by Jason ContantLast year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry…
What companies prioritize over cybersecurity
April 1, 2022 by Philip PoradoEven as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came…
Placing business with non-licensed markets: What to look for
March 31, 2022 by Greg MeckbachClients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And…
Supply chain concerns overshadow logistics data hacks
March 24, 2022 by Philip PoradoWhile the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of…
How insurers and brokers are adapting to cyber-pricing shifts
March 22, 2022 by Jason ContantMGAs and insurers continue to report increased severity and frequency of cyber claims. In fact, in-house data shows cyber claims have been increasing for years, said Lindsey Nelson, cyber development leader at CFC Underwriting. Simultaneously, the take-up of cyber insurance…
Say what you want about the hard market, it’s working
March 22, 2022 by David GambrillThe hard market may be the biggest challenge facing the broker channel, according to Canadian Underwriter‘s 2022 National Broker Survey, but statistics show it’s vastly improved the P&C industry’s financial health. Canada’s property and casualty insurance industry reported an underwriting…
Parts of National Research Council website down due to unspecified ‘cyber incident’
March 22, 2022 by The Canadian PressOTTAWA – The National Research Council took down parts of its website after it was hit with a “cyber incident.” A brief statement on the council’s main webpage Monday did not specify what kind of incident occurred or which applications…
What happens when you negotiate with a hacker?
March 18, 2022 by Alyssa DiSabatinoClients have a tough choice to make when they’re hit with a ransomware attack — to pay or not to pay? “If you decided not to pay the ransom for whatever reason, and that hacker ultimately discloses that information,…
“Antivirus on steroids:” One way to protect your clients from ransomware
March 16, 2022 by David GambrillTo help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the…
How insurers are rethinking ransom coverage
March 15, 2022 by Jason ContantRansomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on…
Insurers checking their war exclusions for cyberattacks
March 10, 2022 by Philip PoradoWhile cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber…