Keyword
cyber coverage
Pricing still affects brokers’ ability to sell cyber
February 27, 2024 David GambrillTo the surprise of no one in the broker channel, the ongoing hard market in cyber still plays a significant role in why clients decline to buy coverage. About 40% of brokers responding to a recent CU survey selected ‘Price…
What’s driving rising ransomware attacks
October 30, 2023 Philip PoradoRansomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their…
Can cyber coverage recover from past high loss ratios?
March 20, 2023 Jason ContantThe Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
How to make a profit on cyber coverage
March 16, 2023 Jason ContantHow does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I…
Is cyber coverage broken? And, can it be fixed?
March 10, 2023 Jason ContantNot long ago, the Canadian P&C industry’s cyber loss ratio was more than 400%, meaning cyber insurers were paying out an average of more than $4 for every $1 they received in premiums. Those first-quarter numbers from two years ago…
Does your client need D&O or an ancillary coverage?
January 26, 2023 Philip PoradoWhile directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a…
Cyber insurers’ appetites are shifting. Here’s what to expect…
November 21, 2022 by Alyssa DiSabatinoCanada’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…
Getting younger people into broker channel as a career remains challenging: incoming IBAO president
September 6, 2017 Jason Contant, Online EditorGetting younger people to choose the broker channel as a career remains a challenge, the incoming president of the Insurance Brokers Association of Ontario (IBAO) told Canadian Underwriter in a recent interview. “In the high schools is where it really…