Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region’s (re)insurance sector.
At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd’s underwrote over CA$5.3 billion of premium across multiple classes of business.
He adds, “Lloyds is known for its expertise and specialty classes, but in Canada, some of the largest lines we deploy are in casualty and property and to the financial line sectors.
“We have a very well-balanced and diverse book of business that continues to grow and continues to serve the risk transfer needs of our clients in Canada.”
On the topic of cyber awareness, Lipman observes that the increased incidents of cyber and ransomware attacks emphasise the need for customers to properly protect themselves against risk.
He adds, “Lloyd’s is absolutely a leader of cyber insurance in Canada, providing more than half of the capacity for cyber insurance and we’ll continue to do so for a number of years.
“Lloyd’s has led underwriting practices in that regard, being one of the first markets to work on removing silent cyber so our customers knew exactly the kinds of cyber protection they were getting.
“We continue to lead the market, addressing issues like state-sponsored cyber attacks, and making sure our clients know about the best risk mitigation practices they need to deploy to avoid cyber incidents right from the outset.”
As the world responds to embargoes on Russian oil and gas after the country invaded Ukraine, Lipman observes that Canada has an opportunity to step up and fill some of the void to help suppliers in Europe and elsewhere.
“Canada is a large energy producer, and has some of the largest energy reserves in the world,” Lipman says.
“While Lloyds remains absolutely committed to its ESG goals and helping our customers transition to greener sources of energy and better ways to produce that energy, there’s a real opportunity to support Canadian energy production to help try and quell some of those challenges and the volatility that’s currently out there.”
