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Hello everybody. Welcome to Insurance Business TV. We are here in Insurance Fest 2026 for our peer-to-peer interviews and I'm catching up with an old friend, Mila Araujo. She is cyber insurance practice leader NFP and Aon company. Mila, you and I are used to talking about the Canadian market, but we're going to widen our scope a little bit today. How would you describe the current state of the cyber insurance market right now? Would you say it's hardening, softening, or somewhere in

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the middle? >> It's quite interesting actually because I think speaking in terms of the personal insurance market, we're looking more at a maturing, I think, instead of hardening or softening because what we're seeing is that there are different products emerging. There are different risks that are top of mind like AI as I'm sure is you know, one of the hottest topics that everyone's speaking about. And so as that happens, this product has to evolve with it and I think as brokers we also

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have to work on being able to um explain it more and kind of bring this product into its own time. So I would say not softening, not hardening, but maturing if I can if I can put it that way. >> That makes sense to me, but you spoke a little bit there about how the risks are sort of evolving. So what would you say is perhaps the biggest difference between the coverage that clients think that they have and the coverage that they actually have? >> It's a real challenge right now because

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over the years there have been several different types of responses if we go historically that people have turned to protect themselves from cyber risk. And you know, we can go back to you know, originally VPNs and you know, monitoring packages and then we had identity theft which was a fantastic, you know, coverage still widely used today. So, people are under a false impression that they have coverage or that there isn't coverage available. With personal cyber coming into play and maturing as I

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mentioned before, we are evolving and this product provides us with opportunities to cover um online scams, AI-enabled risks, deep fakes, um you know, different frauds, cryptocurrency scams. So, there's a lot more that's available that people just aren't aware of, mainly because it just hasn't been around long enough. So, there's a huge opportunity for us to continue to develop here. >> Well, speaking of things that have not been around for too long, but something that's top of mind as you mentioned a

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little bit earlier, that of course is AI. It's particularly complex in the cyber space because it's both an attack vendor and an underwriting tool as well. So, how does that sort of play out in your day-to-day? >> It has really been challenging and I think um it's because people are so concerned about AI itself that it kind of muddies the waters and it's almost like, you know, people aren't really sure what they're trying to protect against because it's such a threatening

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and devastating risk. Um it has a lot of personal implications. A lot of times people are could be embarrassed, they could get themselves involved in in scams that, you know, scare them. There's a lot of psychology involved. And so, understanding that insurance can actually help you for something aside from just a financial compensation, but can also provide that support for, you know, the psychological impact of different cases as well as the compensation or some of these more complex types of scams. I think that's

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one of the biggest challenges that we're working on. Um and just to help our clients understand that we do have solutions and there are quite a few available today. >> Yeah. And you of course when we're talking about AI, normally you feel like we're talking about the future, but of course it's very much the present. But, if you don't mind, just look into your crystal ball for me. Where do you see the cyber insurance market in the next two or three years? What's going to be different?

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>> I think it's going to be integrated a lot more into all of the various products that we sell. So, when we look at personal cyber insurance, what we're looking at is something that protects individuals. And individuals are involved in every business, you know, and every element of our lives, at every age range. And so, I think, you know, a lot of the power that will come um to us to help our clients with personal cyber will be by working outside of the silos and collaborating across different lines

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of business. So, we found solutions as group solutions, as incident response solutions, all through personal cyber. And I think that that's really where, you know, where we're going with that. You know, the more we can work together, the stronger the solutions are that we can offer our clients to protect the full spectrum of everything that's happening, down to that very individual.