Former Beazley Canada board chairman Phil Baker is now president of global cyber insurtech BOXX Canada. Baker also will be responsible for delivering BOXX’s insurance strategy globally as its global head of insurance. The Toronto-based and privately-held company helps businesses,…
Market conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms…
Globally, the P&C insurance market remains on the hard side, but there are signs of melting, based on the results of the latest Global Insurance Market Index released by Marsh. Global commercial insurance prices increased 13% in 2021 Q4, continuing…
Sadly, many of your clients will have fallen victim to cybercrime over the past couple of years – their data held hostage, systems suspended, or payments redirected by some faceless criminal halfway around the world. Worse, despite the clear benefit…
Insurers need to consider the hybrid workforce and employees using personal devices when reviewing a cyber risk, a managing general agent says. “Multi-factor authentication is critical as… employees access work email and networks remotely, sometimes even through a web application…
Cyber exposure is a bit of a moving target, and efforts to quantify the risk are challenging some of the underwriters in the business. “Cyber is fairly unique in that you are playing against a human adversary,” said Tim Zeilman,…
Canadian cyber insurance companies are now requiring businesses to offer multi-factor authentication (MFA) and have cybercrime/data breach response plans in place before qualifying for coverage. Prudent, since cybercrimes and ransomware attacks are on the rise – Canadians have lost $4.9…
Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those…
The Saskatchewan Liquor and Gaming Authority says it’s investigating a cyber security incident that impacted the organization’s computer systems. The organization says it has brought in independent cyber security experts to help address the matter and assess the impact to…
CALGARY – Experts say Canadians should use good “cyber hygiene” in light of the discovery of a massive software flaw that has resulted in the precautionary shutdown of thousands of websites. The federal government, the government of Quebec and the…
All lines of insurance have challenges, but lately cyber’s been bringing brokers ever-changing complexities. “It’s really the new problem child in the insurance world,” said Kevin Neiles, president, western Canada & chief markets officer, with Gallagher, at a November Gallagher…
Cyber insurers are taking a “multi-pronged” approach to ensure they can actually make money off the product. More carriers are expanding their offerings to include cyber, more commercial clients are buying cyber coverage and more insurance buyers are aware of…