Coalition is now even better placed to deliver its Active Cyber Insurance to licensed territories around the world.
Cyber risks continue to grow at pace globally. As more British small and mid-market businesses understand their vulnerability to these threats, Coalition’s Active Cyber Insurance is becoming an invaluable source of prevention and resolution. To increase commitment to the UK market, insurtech has announced that UK business is trading as an approved Lloyd’s coverholder.
Earning the authority from Lloyd’s to write and service policies in its marketplace aligns our UK offering with US business, which already provides cyber coverage, technology, and expertise through Lloyd’s.
Coalition is now even better placed to deliver its Active Cyber Insurance to licensed territories around the world. In addition, our approach aligns well with Lloyd’s push towards digitisation and modernisation.
Cyber losses cost the global economy upwards of $1.5 trillion each year, and yet the majority of businesses are ill prepared to manage and mitigate the risks of an increasingly digital world. That’s why we created Active Insurance, the world’s first insurance designed to prevent risk before it strikes.
As a provider of cyber insurance, Coalition has already written policies with premiums from £111 to £200,000+ for accounts ranging from software companies to solicitors, as well as religious and educational clients.
Even as the number of cyber attacks continues to grow, coverage availability in the market has challenged clients and their brokers. In a recent survey, “83% of surveyed representatives said that their own company is not adequately protected against digital threats.” Coalition is excited to meet that demand with increased supply.
Active Cyber Insurance approach has proven to reduce the frequency and impact of cyber claims — in 2022, policyholders saw 50% fewer claims compared to the broader market, with 45% of incidents resolved at no cost – and it’s this focus on proactive risk management that is resonating with capacity providers such as Allianz, with whom we continue our strong partnership, and Lloyd’s.
With our technology-driven proposition and focus on businesses under £1bn in revenue, Coalition plays a vital role in the cyber insurance market. With this additional support, we’re moving even faster towards our goal of protecting the unprotected from cyber criminals.