Canada Cyber Insurance Market

In recent months, the Canada Cyber Insurance Market has seen significant developments, particularly with growing awareness of cyber threats driven by a rise in data breaches and ransomware attacks. Major insurers like Travelers, AIG, and Intact Financial have been expanding their offerings to address escalating risks, underscoring the importance of robust cyber protection. In September 2023, Economical Insurance announced enhancements to its cyber insurance policies, including coverage for emerging threats like social engineering fraud. Additionally, PMI Mortgage Insurance has started prioritizing the integration of technology to streamline underwriting processes amid heightened competition. On the mergers and acquisitions front, in August 2023, Chubb acquired Canal Insurance Company, enhancing its cyber insurance capabilities in Canada which reflects the ongoing strategic maneuvering among insurers to strengthen their market positions. In July 2023, Berkshire Hathaway announced its plans to expand its cyber insurance portfolio in Canada, following increased demand. The overall market valuation continues to grow with a 15% increase reported in the last year, impacting the sector by fostering innovation and competitive pricing among insurers like Zurich Insurance and Aviva. This evolving landscape demonstrates a proactive shift in the Canadian insurance industry to adapt to the rapidly changing cyber environment.