When HSB Canada opened its doors in 1875, industrialization was ushering in an unprecedented number of new exposures, including steam boiler explosions.
Today, as the company marks its 150th anniversary, its mission remains the same: anticipating and protecting against tomorrow’s most complex risks. Instead of burst boilers, though, these risks are cyber attacks, artificial intelligence (AI) failures, and sustainability challenges.
“We’ve always used our deep technical expertise and combined it with innovation,” said Barbara Bellissimo, president and CEO of HSB Canada.
“That mix has allowed us to identify complex, evolving risks and create solutions to address them. Today, we’re applying that same mindset to things like cyber risk and digital transformation.”
Founded to address the dangers of the steam age, HSB Canada has operated at the intersection of engineering, insurance, and prevention.
From early inspections to modern risk modelling, the company has emphasized technical precision and proactive safety. Now, that mindset is driving its future in the cyber insurance market.
“Operating with a startup mindset” is how Bellissimo described HSB Canada’s current philosophy. It’s a striking phrase for a company that predates the telephone, but one she says is accurate and necessary for one that’s focused on innovation.
“In a startup, you're constantly working across teams, breaking down silos, and moving quickly from idea to execution,” Bellissimo said. “That’s exactly how we operate. We’re not a huge team here in Canada; we’re small but mighty. We focus on bringing in the right people with the right expertise and empowering them to move fast.”
Bellissimo’s team has its sights firmly set on the fast-evolving cyber insurance market. In October, HSB Canada plans to launch a monoline cyber product tailored for small and mid-sized enterprises (SMEs), a segment it believes is critically underserved.
The product, which has already proven successful in the US market, will be paired with the Cyber Safety Signal platform, a tool that helps clients monitor threats in real-time.
“A lot of small businesses don’t realize they’re exposed or think they don’t need cyber coverage until something happens,” said Bellissimo. “We want to help them protect themselves, and education is critical. We work closely with our brokers and MGAs to equip them with tools to explain and advocate for cyber coverage.”
The timing of the launch is deliberate. Bellissimo said that the wider business community in Canada is becoming more aware of cyber vulnerabilities, especially as AI becomes ubiquitous in everyday operations.
“As people start using AI tools in their everyday work – like Copilot or ChatGPT – they’re becoming more aware of how embedded this tech is in their operations,” she said. “That naturally leads to more questions about risk and protection.”
HSB Canada is already preparing for the next wave of liability concerns related to AI decision-making – everything from flawed algorithms to questions of responsibility at the board level.
“In the US, our team is already working on coverages that parallel D&O insurance but for AI-related liabilities,” Bellissimo said. “We’re not there yet in Canada, but we intend to be. There’s real demand on the horizon.”
In addition to cyber and AI, sustainability and renewable energy are also on top of HSB Canada’s long-term strategy. The company already supports clients in solar, wind, hydro, and other green infrastructure projects, and expects this to become an even greater area of focus in the next decade.
“Based on current trends, solar and wind are leading the charge,” Bellissimo said. “We’re looking at where demand is emerging across Canada and focusing our resources accordingly. It's not about jumping in overnight. It takes time to build the infrastructure and expertise, and that’s what we’re doing.”
This steady investment, Bellissimo said, mirrors HSB Canada’s approach to every emerging risk: take the long view, leverage global resources, and build capacity through expertise.
As part of HSB Group, and ultimately Munich Re, HSB Canada benefits from access to global research, advanced analytics, and product development pipelines that can be adapted to Canadian needs.
“That ecosystem helps us stay ahead of the curve and deliver forward-thinking solutions that clients might not even know they need yet,” said Bellissimo.
The thread connecting HSB’s evolution is a consistent focus on prevention.
Whether inspecting boilers in the 19th century or deploying digital monitoring tools for modern infrastructure, the company has aimed to reduce losses before they occur.
“Our founders showed remarkable foresight in aligning accident prevention with insurance coverage,” Bellissimo said. “We have remained true to this principle and today operate with a startup mindset.”
Bellissimo believes this principle will be just as relevant in the coming decades, as businesses face uncertainty from technology, climate, and shifting social expectations. “Emerging risks tied to AI are absolutely top of mind,” she said. “Cyber risk is already a major focus, but AI is taking it to another level.”
As the company celebrates a century-and-a-half of protecting Canadian businesses, its eyes are fixed on the future.
“In Canada, we’re already well known for equipment breakdown – that’s our foundation. But we’re aiming to become a leading name in cyber insurance as well,” said Bellissimo. “And because of our people, I’m confident that HSB Canada will continue to lead, grow, and innovate for the next 150 years.”
