By: Luke Jones, Published on October 6, 2017 09:10 AM, Last Update on October 6, 2017 06:10 AM
Aviva Canada, the country’s second largest P&C insurance provider, could debut a cyber product from its British parent company (Aviva) by the end of the year. The information was presented by the company’s CEO of International Insurance at the National Insurance Conference of Canada (NICC) earlier this week.
Maurice Tullock described cyber as “one of the big future insurance pools” at NICC on Monday. Outside of Canada, Aviva offers small and medium enterprise (SMEs) coverage in the United Kingdom, but it is “early days yet [and] the take up is actually quite low. So you can sort of come back and say, ‘Is that a lack of awareness? Is that an education issue that they don’t realize that they’re probably not exclusively covered today or is naivete that it won’t happen to me?’”
Speaking on the Global Leaders’ Panel, Tullock said Canada has a “different way of underwriting” and Aviva uses a partner in the U.S. to provide risk scores. “But that risk score is effectively mostly around their technology and their perimeter and usage, it really doesn’t get into the biggest risk, which is do you educate your people on the cultural nuances of cyber, because most of the breaches we come across are weaknesses of employees,” Tulloch added.
So far, the U.K. solution is a “sub-limit offering. So we obviously don’t cover things like reputational, which is a big emerging exposure,” he said. “We’ve got to be there. That’s what consumers need.”
Also this week, Aviva Canada promoted Cyber Security Awareness Month (October) and has announced it is improving its identity theft coverage. The new features will be available this month, with customers paying no extra charge on their coverage.
Among the main benefits of the program is it will offer monetary protection against compromised identities caused by the following: