Canadian Underwriter

Topic Cyber

A woman and a man sit across from another man at a desk. The woman uses a pen to point at a stack of papers. They are all dressed in business attire.
News BrokersCyberEmerging RisksLoss TrendsTrending

Do clients really want brokers to be risk advisors, too?

April 7, 2022 by Alyssa DiSabatino

Although 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

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How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last 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

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What companies prioritize over cybersecurity

April 1, 2022 by Philip Porado

Even 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

Business man travelling the world to acquire insurance.
News CannabisClaimsCommercialCyberEmerging RisksInsurersLiabilityLicensingMGAs

Placing business with non-licensed markets: What to look for

March 31, 2022 by Greg Meckbach

Clients 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

Toll stations on an elevated bridge between the US and Canada.
News CommercialCommercial AutoCyberLiabilityLoss ControlLoss TrendsRisk Managers

Supply chain concerns overshadow logistics data hacks

March 24, 2022 by Philip Porado

While 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

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News CyberInsurersMGAs

How insurers and brokers are adapting to cyber-pricing shifts

March 22, 2022 by Jason Contant

MGAs 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

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News CommercialCyberInsurersOperationsPersonal AutoProperty

Say what you want about the hard market, it’s working

March 22, 2022 by David Gambrill

The 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

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News ClaimsCyberTechnology

Parts of National Research Council website down due to unspecified ‘cyber incident’

March 22, 2022 by The Canadian Press

OTTAWA – 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

Man types on his laptop. An image of a masked man holding a padlock and the text "pay" shows up on his screen.
News CyberEmerging RisksInsurersLegalTechnology

What happens when you negotiate with a hacker?

March 18, 2022 by Alyssa DiSabatino

Clients 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,

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News BrokersClaimsCyberInsurersLoss ControlLoss TrendsRisk ManagersTechnology

“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To 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

Digital skull and crossbones implying ransomware.
News CommercialCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsRisk Managers

How insurers are rethinking ransom coverage

March 15, 2022 by Jason Contant

Ransomware 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

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News CyberEmerging RisksLiability

Insurers checking their war exclusions for cyberattacks

March 10, 2022 by Philip Porado

While 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