Canada’s first cyber insurance product for consumers sets a precedent
The Boiler Inspection and Insurance Company of Canada (BI&I), part of Munich Re, has launched the first cyber insurance product for Canadian consumers. It allows consumers to access cyber coverage previously only available to businesses.
Developments in the Canada cyber insurance market have been heavily focused upon the commercial sector. However, there is undoubtedly a need for insurers to develop products tailored for consumers. They are becoming increasingly connected, storing a wealth of personal information on devices.
Canada cyber insurance
The majority of developments in personal cyber insurance, particularly in the UK, are focused on the high net worth market.
However, the product developed by BI&I is aimed at all consumers and is offered under its Home Cyber Protection product. Policyholders benefit from cover against cyber extortion, cyber-attacks, online fraud, and the breach of personal information through smartphones, computers, and connected devices.
Individuals will also benefit from the removal of malware on a connected home device or computer, the recovery of data and system restoration, guidance on how to respond to ransomware attacks, and the payment of ransoms once approved. The level of cover offered through Home Cyber Protection highlights the risks faced by individuals due to their increasingly connected lifestyles.
With such a comprehensive product being the first to be widely offered, this is a clear marker for competitors not just in Canada but globally, as the types of cyber risks faced by individuals are not limited or confined to particular regions.