Businesses of all sizes are evolving constantly, as are the risks that they’re facing. To meet their needs, commercial insurance solutions have to evolve as well or risk leaving clients with inadequate coverage should they encounter a cyber incident – a reality for more than 20% of Canadian businesses – or another crisis that impacts a business’s bottom line and results in a significant loss.
CNA Canada is responding to the changing risk landscape that its commercial clients are operating in by launching its new oneworld+ package solution, a suite of commercial insurance products that provides a range of coverages for businesses across seven sectors.
CNA Canada conducted both internal and external wording reviews before developing oneworld+ to ensure that its coverage remained market leading in the insurance industry, while also addressing risk factors that insureds would be encountering in the coming years. The wording has been broadened and different coverages have been added for seven market segments, including commercial, construction, technology, manufacturing, oil and gas, healthcare and office.
“The main commercial wording for oneworld+, now has distinct coverages that on a package basis are usually not found within the market,” said Andrew Johnson, manager of customer segments for CNA Canada, highlighting first and third party cyber coverage as an example. “In the marketplace, you’ll find that a lot of the cyber extensions on package policies are really just third party extensions, but ours includes first party and reimbursement expense coverage.”
D&O liability, media management crisis costs, event cancellation, and currency devaluation are also featured in the package solution. With each targeted sector experiencing unique exposures, it was key for CNA Canada to zero in on how to help clients in specific segments mitigate against risk.
“The product is tailored directly towards the exposures that the individual segment would have,” said Johnson. “For manufacturing, which is a large part of the CNA Canada book, we focused on emerging trends or risks that can be covered off through insurance policies, the policy has directors and officers, and first and third party cyber, but we’ve also added in manufacturers E&O and product recall, riggers liability and raw stock price fluctuation have been embedded into the wording to specially address emerging issues many manufacturers are facing.”
In construction, contractors E&O has been added alongside building material replacement expense and contractors equipment-related loss of income coverages.
Since the release of the oneworld+ suite in September, the new solution has received positive reviews from brokers.
“Before we rewrote oneworld, we were considered to have one of the broader wordings in the marketplace. With the changes we’ve made, we’ve expanded on this by adding some additional coverages that brokers haven’t seen before on a package basis, so they’re very happy with that,” explained Johnson, adding, “We completely revamped the formatting of our policies to make it easier to read, easier to understand exactly what the coverages are, and the feedback has been very positive.”