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Insurance Market Outlook 2020

Insurance Market Outlook 2020
  At the beginning of each year, we delve into the “Crystal Ball” and predict where the insurance market is going for the next year. We have talked about the onset of the changing insurance market for several years now, and 2019 was when it really hit home; impacting virtually every line of property and casualty lines of business. The Cause P...ut simply, the foundation of the change in the market was largely reported as the big result of insurers paying out more in claims than the premiums they take in. This was an unsustainable business model, especially when ROI’s are not driving large multiples to offset it. We also feel that there is a lingering effect of some irresponsible underwriting over the past decade. The Effect Market cycles, or “corrections”, are common in many industries – and for the insurance industry, it’s resulting in three main areas of change: increased premiums, stricter underwriting rules, and reduced capacity (or an unwillingness to write business). So if a ‘triple whammy’ wasn’t a thing before, it is now - “thanks insurance industry!” … said no one ever. Some of the hardest hit industries continue to be transportation, hospitality, realty, and retail to name a few. However, virtually every industry sector and personal insurances have all felt the pinch and many large insurers are telling us not to expect the pressure on prices to ease up any time soon. We do see a bit of light at the end of the tunnel though. For “Best In Class” business, we think we will see a leveling off of the drastic rate increases; being replaced by more predictable, low-single digit increases. Cyber liability saw a huge spike in claims ratio from 22.3% in 2018 Q3 to 114.1% in 2019 – and continues to top the list as Risk Managers #1 concern, followed closely by Business Interruption. General Liability Rates Increasing There has been pressure on liability rates for some time, especially with claims in areas not as prevalent historically such as: psychological damage, concussions, post-traumatic stress disorder, and chronic pain. Illustrated by a greater representation of lawyers on files is the inflation in liability premiums. Property Insurance One trend of note in Q3 of 2019 was that there were marginally improved results in property lines – both personal and commercial – which should mean we will see a leveling out of increases in both of those areas of insurance. Automobile Insurance Claims ratios in the auto insurance sector continue to climb nationwide, led by an ongoing increase in personal auto claims payments. We hope that further increases will return to only single-digit increments going forward. Directors & Officers Liability (D&O) Following a prolonged flat-to-declining rate environment and an expansion of coverage for more than 10 years, Public, Private, and Not-For-Profit segments will see increased premiums this year. This is the result of higher claims frequency, severity, and increased loss costs.   More
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Top 6 Business Risks of 2020

Top 6 Business Risks of 2020
    2020 marks the beginning of a brand-new decade. 20 years on from the turn of the millennium and the craze surrounding the Y2K bug, the risk landscape for Canadian businesses continues to evolve and expand. Whereas the technological and cybersecurity risks touted in previous decades may have been without much substance, this new era wi...ll redefine how such risks are viewed. As mentioned in a previous article, 28 million Canadians have been affected by cyber breaches just in the past 12 months. However, that’s not to say that all of the risks that Canadian businesses will face in 2020 will be of a technological ilk. To that point, here are the 6 major risks to watch out for in the next 12 months.   Data-Driven Business Risks A significant turning point for businesses has been the introduction of Big Data. As technology advances and businesses stay on the cutting edge of innovation, large and diverse sets of information are transferred and manipulated at astonishing speeds. More data is being used at an increasingly efficient rate – allowing for businesses to boom. However, this boom brings with it implications around cybersecurity, data protection, and privacy. 2020 will see a stronger focus and investment in technology security – and those who are unprepared will face a steep, up-hill battle.   Data Protection and Privacy Regulation As data continues to play a larger role, there will be an emphasis on making sure that it is being used ethically. 2020 will bring with it evolving regulatory and compliance requirements around data projection and privacy. These changes are already under way in Europe after the European Union announced the founding of the General Data Projection Regulation (GDPR) in May of 2018. Data privacy regulations will continue to be reviewed and Canadian businesses need to make sure they are prepared for these changes.   Third-Party Liability Businesses are becoming increasingly interconnected with the use of vendors on the rise. This means that data is shared through a third-party which exponentially increases risks. According Beazley Canada, 24% of all ransomware incidents in Q3 were caused by a third-party – with vendors or managed service providers at fault. In the coming year, protecting and managing third-party risks will be crucial.   Workplace and Employee Risks Over the past five-or-so years, employees and consumers alike are holding individuals and businesses accountable for behaviours deemed unacceptable. This trend is not only expected to continue into 2020, but to grow with an increased focus on the conduct of businesses towards their employees and customers. This will mean that businesses will have to rethink and modernise their approach to risks surrounding this liability.   Environmental Liability As covered previously, the environment is in serious need of saving. Climate change is wreaking havoc around the world and specialists are struggling to keep up with the volatile changes in temperate and environmental behaviours. This means that businesses need to be especially weary of their carbon footprint as pressure continues to grow for all to be more environmentally responsible.   Reputation Whilst the reputation of a business has always been important, 2020 will bring with it an evolution of how it is viewed. The world is hyper-connected and these connections will only continue to grow – which means that businesses need to place a higher priority on crisis and contingency planning. Once something negative comes to light about a business, it spreads like a furious wildfire throughout social media – and often can result in crippling losses. Organizations need to be more vigilant, resilient, and improve their risk insurance in the coming year to make sure they are protected.   More
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BREAKING NEWS – MITSUBISHI ELECTRIC SUFFERS MAJOR CYBERATTACK

BREAKING NEWS – MITSUBISHI ELECTRIC SUFFERS MAJOR CYBERATTACK
Mitsubishi Group’s electronics and electrical equipment arm – Mitsubishi Electric – has suffered a major cyberattack. According to a statement from the company, sensitive information on government agencies and other business partners has been compromised – and that a Chinese group is the prime suspect behind this attack. As reported by The Japan T...imes, the leaked information includes email exchanges with the Defensive Ministry and the Nuclear Regulation Authority – as well as private documents related to projects in collaboration with private firms. However, the company – while conceding that sensitive information had been leaked – is adamant that none of the leaks revolve around defence or infrastructure. Though Mitsubishi Electric refuse to confirm any damage or negative effects, the company stated that it took appropriate measures immediately after detecting suspicious activity on its devices in Japan. The true effect of this major attack, though, remains to be seen. Cybercrime played a major role in 2019 and it is no surprise that this trend has continued into the new decade. Trends indicate that 2020 will be an even better year for cybercriminals as businesses around the world remain unprotected against such activity. To make sure that you are protected against cybercrimes, contact one of our licensed brokers today at 905-696-9090 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakf533a80f849e7f6803ba49fe14d4528e').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addyf533a80f849e7f6803ba49fe14d4528e = 'better' + '@'; addyf533a80f849e7f6803ba49fe14d4528e = addyf533a80f849e7f6803ba49fe14d4528e + 'hubbardinsurance' + '.' + 'com'; var addy_textf533a80f849e7f6803ba49fe14d4528e = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloakf533a80f849e7f6803ba49fe14d4528e').innerHTML += ''+addy_textf533a80f849e7f6803ba49fe14d4528e+''; . Make sure you are protected. More
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Hubbard Hires Alert - Welcome Elaine Dean!

Hubbard Hires Alert - Welcome Elaine Dean!
Hubbard Insurance Group is delighted to announce the addition of Elaine Dean to our Personal Lines Division as the brand new Personal Insurance Team Lead! Elaine comes to us with over 20 years of experience as a RIBO licensed broker. Her focus has been client service and account management; with her personal insurance expertise including team work..., training, as well as broker management systems coordination. Elaine arrives from McCallum and Misale Insurance Brokers where she was a personal insurance account manager and VIP specialist. Prior to that she was with Souter General Insurance as their Office Manager responsible for accounting, audits, workflows, training, as well as sales and service of P&C insurance products. Everyone at HIG believes Elaine will be a wonderful fit as, just like the rest of the PL team, she enjoys being a client advocate. We’re very excited to have Elaine join our team! More
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2019 Cyber Review - Millions Affected by Breaches

2019 Cyber Review - Millions Affected by Breaches
Though National Cyber Security Awareness month may be behind us, the focus on cybercrime remains constant. Just this year, there have been reports of massive data breaches in major corporations like Uber, DoorDash, Canva, and Desjardins. However, as we have discussed in the past, the vast majority of data breaches aren’t ever actually reported on ...– because they happen to small-to-medium sized businesses. This is reflected in new data published by the Office of the Privacy Commissioner of Canada (OPC). According to their findings, approximately 28 million Canadians have been affected by data breach incidents over the past 12 months. What’s concerning about this is that, 12 months ago, the Personal Information Protection and Privacy Act (PIPEDA) came into effect – and it seems to have done little in the way of slowing down the rise of cybercrime. However, one positive aspect of this act is that companies are now legally required to report breaches; ensuring that there is transparency in this process. This level of transparency is quite telling in these new findings – as 680 incidents were reported to the OPC over the past year. According to the organization, this is six times as many as they had received prior to PIPEDA coming into effect. There are two things that are clearly concerning about this. Firstly, companies will not voluntarily hold themselves accountable to cyberattacks. Secondly, the rise in cybercrimes is happening at an exponential level – with protection capabilities consistently playing catch-up against hackers. According to their findings, 58% of all breach incidents could be put down to foul play – with either targeted hacking or employee malpractice at the centre of the attacks. The second biggest reason was “accidental disclosure” – i.e., mistakes made by employees by sending confidential information to the wrong parties. The third major cause for breaches was down to people losing their laptops, hard drives, or USB devices and them falling into the hands of someone with mal-intent; and, along similar lines, the final cause was theft of such devices. Now, let’s get to the really scary part. 28 million Canadians have been effected just over the past 12 months. That is an absurdly high number even before it’s put into context. However, with context, it becomes mind-blowing. According to Statista, almost 34 million Canadians currently have access to the Internet – which comes to about 96% of the population. This means that over 81% of all Canadian internet users have had their data exposed. That is an unbelievable percentage. But is it really that surprising? The vast, vast majority of internet users don’t have the time or resources to learn how to protect themselves properly. Since businesses now almost exclusively operate on online platforms, is it really that surprising that so many people are so easily targeted?   There is undeniable proof that cyber protection should be amongst the absolute priorities for everyone going forward – businesses and individuals alike. That is where we can help. Contact one of our licensed experts today at 905-696-9090 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak8e1453557fb58ed281863f669cdf0b08').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy8e1453557fb58ed281863f669cdf0b08 = 'better' + '@'; addy8e1453557fb58ed281863f669cdf0b08 = addy8e1453557fb58ed281863f669cdf0b08 + 'hubbardinsurance' + '.' + 'com'; var addy_text8e1453557fb58ed281863f669cdf0b08 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak8e1453557fb58ed281863f669cdf0b08').innerHTML += ''+addy_text8e1453557fb58ed281863f669cdf0b08+''; to find out how we can help you stay protected from cyber criminals.    More
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