Comprehensive cyber coverage is proving more and more crucial each year as hackers continue to become increasingly sophisticated and successful in their attacks. Insurance Business Canada recently surveyed brokers across the nation to uncover the best cyber policies on the market. The publication revealed the top 17 carriers, which included Trisura Guarantee Insurance Company.
Trisura’s manager of professional solutions, Angela Feudo, believes the organization’s cyber policy win is a testament to its customization ability. “At Trisura, we really listen to the insured and broker to ensure we understand what they are looking for,” she explains. “Working closely together allows us in to find the right solutions for their unique needs.”
In an ever-changing market, cyber insurance policies have had to adapt. There was a pressing need for policy structures to sustain future losses. With many individuals and companies working remotely for nearly two years, risks were greater, as was the need for education and training. “There is a greater awareness among organizations about cyber threats and, as a result, there have been improvements made around cyber security controls,” Feudo says.
As for what comes next, Trisura’s resident cyber expert anticipates there will be further market growth due to reliance on technology through process automation and internet connectivity. “The exposure for these businesses will grow and evolve and so must the insurance products that protect them. There will also be continued focus on not only cyber security controls, but also the use of cyber experts to aid in risk selection.”
Past cyber struggles and future challenges for the Canadian market are not necessarily unique. The global market must also be prepared to adapt, as Feudo notes, “cyber risk doesn’t have borders.”
About the 5-Star Cyber Awards:
Over the course of 15 weeks, Insurance Business Canada conducted one-on-one interviews with brokers and surveyed thousands more within the publication’s network. Brokers shared their thoughts on current cyber offerings and the most important policy features.
The top carriers were determined based on how they were rated in the following categories:
- Relationships with brokers
- Claim-handling abilities
- Underwriting expertise
- Product strength
For the official 2021 5-Star Cyber Awards report, click here.