Coalition launches cyber insurance offering on Acturis platform

Coalition has launched its active cyber insurance offering on Acturis’ NOW platform.

The insurance provider made the move to allow more brokers to quote and bind with Coalition, helping them protect more small and medium enterprises (SMEs) from cyber threats as a result.

The product will be available for clients with up to £25m revenue and offers limits of up to £10m.

Coalition’s UK head of insurance Tom Draper said: “Coalition has already seen significant growth in the UK and to continue that momentum, our next stage will focus on ensuring we have the right distribution channels in place.

”Quoting and binding cyber insurance shouldn’t be a painful process for brokers, especially on behalf of their often unprotected SME clients. Integrating with Acturis’ platform helps us introduce our streamlined Active Insurance approach to a wider network, making it easier for brokers to provide a much-needed product to as many clients as possible.”

Research

This came after the government’s Cybersecurity Breaches Survey, published earlier this year (24 January 2024), revealed that 59% of medium-sized businesses experienced cyber breaches or attacks in the last 12 months.

And cyber insurer Cowbell’s new research highlighted that only 19% of surveyed SMEs had a recommended cyber incident response plan (IRP) in place.

Coalition said its offering brought together active cyber risk assessment, proactive protection, expert response and a range of cyber coverage options.

”Coalition’s innovative approach, advanced technology and comprehensive product will be of tremendous value to Acturis brokers,” Edward Wilding, commercial lines manager at Acturis, added.

”The panel has grown rapidly since launch and our brokers can secure coverage for a wide variety of risks from a diverse, competitive group of insurers, of which Coalition plays a crucial role.”