Rise in Crime-Related Losses: Philippe Côté Stresses Importance of Staying Vigilant

Internal fraud, employee theft, financial cybercrime—losses tied to corporate crime are climbing. Yet the crime insurance market continues to favour buyers. Why?

In Insurance Business Magazine, Philippe Côté, Senior Vice-President and National Practice Leader—Executive Risks at BFL CANADA, breaks down today’s market dynamics and explains why this coverage remains accessible: frequent but not particularly costly losses and coverage often offered alongside other solutions, such as D&O liability or employment practices liability.

One of the positive consequences for buyers is the affordability of this coverage. However, it also comes with a risk: overlooking losses related to crimes or viewing them as minor or accidental. This may partly explain the recent rise in social engineering and impersonation fraud.

In this context, brokers have a role to play: preventing this risk by informing their clients and being more rigorous in reviewing the controls they have put in place.