Mosaic Insurance will increase its cyber-risk capacity to $25 million per risk (C$40 million) in Canada effective January 1, allowing the speciality insurer to meet rising demand across all provinces and territories.

The increase more than doubles Mosaic’s previous limit of $10 million in the region and brings Canada on par with the firm’s existing levels globally.

“This step-change in cyber capacity for Canada not only addresses a critical market gap, but also builds on Mosaic’s innovative approach to speciality insurance, delivering smarter, more flexible solutions for brokers and clients alike,” said Mosaic’s global head of cyber Brian Bonkoski.

Mosaic said the added capacity provides brokers and insureds with greater flexibility, enables more resilient programme design and enhances how larger cyber-risks can be managed.

“Canada’s cyberinsurance market has lagged behind the United Kingdom and United States from a capacity standpoint, with most domestic carriers capped at $10 million and only a select few reaching $15 million,” noted Ian Fraser, president and chief agent, Mosaic Insurance Services Canada.

He said by increasing Mosaic’s limit to $25 million they were closing that gap and giving Canadian organisations access to larger, more efficient protection within their cyber insurance programmes.”

Mosaic offers a suite of primary and excess cyber products in Canada and globally, including security and privacy liability, business interruption, voluntary shutdown, cyber extortion and tech errors and omissions coverage to industries ranging from manufacturing and retail to construction, financial services and technology.

Recent innovative additions include cover for some generative artificial intelligence risks; protection for digital asset business; and reinstatements that offer options to purchase automatic fresh limits of capacity if an incident wipes out coverage, or a capacity tower runs out.

Launched in February 2021, Mosaic underwrites across product lines selected for high technical barriers to entry and relevance to current and projected geopolitical and economic conditions.

As well as cyber, the company’s seven speciality lines include transactional liability, political risk, political violence, environmental liability, financial institutions and professional liability.