For brokers, the biggest obstacle in selling cyber insurance to clients might not be what you think. Traditional roadblocks to a sale include price, board approval, and executive complacency. But here’s an unlikely naysayer that’s making the rounds of brokerage…
Even though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…
Canadian insurance industry players are using generative AI (GenAI) not just to simplify tasks like ‘traditional’ artificial intelligence, but for a variety of applications ranging from marketing and fraud detection, to legal documents, speakers said during a recent industry event.…
With the Global Federation of Insurance Associations (GFIA) citing a $900-billion cyber insurance protection gap, Canadian brokers are seeing a huge growth opportunity in cyber, with some predicting cyber insureds will ultimately overtake the proportion of those covered by property…
Cyber may be one of the fastest-growing lines of insurance business in both Canada and abroad, but it’s associated with global systemic issues, and reinsurers are pondering how to raise additional capital to help cover the potentially huge demand for…
Specialty insurer Mosaic Insurance’s expansion across Canada in five specialty lines provides a unique hybrid underwriting model that allows the company to take a Lloyd’s syndicated approach locally in Canada, executives told Canadian Underwriter. Mosaic announced its expansion last month…
When it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,…
Specialty insurer Mosaic Insurance has expanded its offerings across Canada in five product lines — cyber, transactional liability, financial institutions, professional liability and environmental liability. The global firm first opened an office in Toronto in July 2022 and now serves…
OTTAWA – The RCMP says it has introduced mandatory security awareness training for employees, one of several changes prompted by the 2019 arrest of a senior civilian member for allegedly leaking classified information. The Mounties say they have also made…
Generative AI is revolutionizing how cyber criminals enact their scams, making their targets fail to detect what would usually be obvious phishing attempts, experts shared with Canadian Underwriter. As these threats become more and more sophisticated, insureds must exercise…
OTTAWA – The federal government is coping with apparent cyberattacks this week, as a hacker group in India claims it has sowed chaos in Ottawa. The Canadian Armed Forces says that its website became unavailable to mobile users midday Wednesday,…
Artificial intelligence (AI) will undoubtedly change the property and casualty insurance industry, but not in the ways you might assume. No, it’s not going to take your job. But it will make it easier, Sinead Bovell, futurist and founder of…