Canada insurance rates

Financial and professional lines

Financial and professional lines rates declined 5%.

• Directors and officers (D&O) liability rates declined in the 5% to 10% range, on average, with new insurers adding to a competitive market.
  • Small to midsize private companies typically saw greater decreases as compared to larger private companies, which generally experienced more moderate premium decreases.
  • Oppression claims and bankruptcy risks were among the key concerns for insurers.
• Fiduciary rates remained stable.
• The employment practices liability (EPL) market remained stable.
  • Underwriters focused on areas including Biometric Information Privacy Act (BIPA) claims, class action litigation, large jury awards, and the use of artificial intelligence in employment settings.

Cyber rates decline, coverage broadens

Cyber insurance rates decreased 4%.

• New capacity and increased competition influenced excess layer premium reductions and contributed to overall program savings.
• Coverage continued to generally broaden, including in such areas as removal of coinsurance requirements and increased coverage sub-limits.
• Claims frequency continued to increase.