“Managing clients’ expectations suddenly became an even bigger part of the broker’s role, (Patrick Bourk, principal and national cyber practice leader at HUB International Ontario) explained, particularly when it came to helping clients to understand why their premiums increased so much and what they could do to mitigate some of those extra costs.
‘The challenge is, a few years ago, a broker could tell clients about cyber, it was cheap, and the applications were easy. But in a very short time, I now have to send my clients three or four application forms, and I need 120 days to go to market, and I have to build a white paper for them to give to their executive management team to say: ‘Our cyber insurance renewal is going to be horrible this year – here’s why. We’ve got to rework the budget.'”