Industry Insight | Insurr - Insurance Canada

Despite the increasing number of claims, Cyber is still one of the most underserved areas of the insurance industry.

We all know that most people treat their pets not just as animals but as a member of their family. And just like us, these cats, dogs, rabbits, birds, reptiles or fish can find their way into accidents, get injured and be susceptible to chronic and serious illnesses. That’s why pet owners are willing to spend that little bit extra to ensure the well-being of their little beasts by investing in a pet insurance policy.

As a broker you will already be familiar with some of the more ‘traditional’ niche products such as cyber, overland flooding and drones. However as technology and risk areas develop, your clients may not appreciate that coverage can be written for some of their more obscure assets. It is your job to introduce these odd policies to consumers who might want to protect something that they think is too outrageous for insurers to cover. You’ve heard of celebrities spending millions to insure certain body parts as a precautionary move to protect their resources. Whether it’s their tongue, legs, rear-end or even a mustache, a bodily injury or a minor scratch could result in a significant loss of earnings. These are the peculiar areas in the market where the insurance industry is expanding: niche.

Brokers have always relied on the traditional ways of researching products that they offer to clients; printed directories, telephone calls, recommendations from favored underwriters, etc. Admittedly, they are still useful, but there is now a much more effective way of doing it. Insurr, a free online directory of specialty insurance products from different companies.

The presence of drones has increased rapidly over the past 18 months. As businesses and individuals continue to create a demand for this emerging technology, the risks associated with them are also multiplying. Even though insurance companies are creating products acknowledging the popularity of this technology, not every policy is the right fit. What exactly are the risks of operating a drone and whose fault is it when there is an incident?