While the weather begins to cool, insurance premiums are heating up as insurers look to offset increases in claims costs.
COVID-19 alone is suspected to lead to increased insurance premiums in Ontario. The second quarter of 2020 has hit insurers fairly hard and it’s likely to lead to higher premiums in many areas.
Specifically, cyber liability claims in Q2 have resulted in a loss ratio of nearly 500% (an increase from 153.7%). An increase was expected as cyber criminals are taking advantage of holes in the cyber security of employees working remotely.
While our 90th year in business has been challenging, it is providing us with opportunities to find solutions to better serve our clients. Some of these solutions include providing online access to your insurance information, an increased focus on digital security, and careful concern for the health and safety of everyone.
Stay healthy, stay safe.