A recent survey by the UK Home Office reveals that half of UK businesses have experienced cyber security breaches or attacks in the past year, underscoring the escalating digital risks they face. Phishing remains the most prevalent threat, affecting 84% of businesses, while medium and large companies report even higher rates of cyber incidents. As cyber-attacks become more frequent and sophisticated, organizations are increasingly seeking UK Cyber Insurance to mitigate potential losses.
Reflecting this growing need, The Hartford and Coalition have announced a strategic, long-term capacity partnership to expand Active Cyber Insurance solutions in the UK market. Leveraging The Hartford’s established expertise in cyber insurance, the partnership will see the company assume a quota share of Coalition’s UK cyber program alongside existing capacity partners.
“We are capitalizing on our strengths and seizing new opportunities to grow our international business,” said Carl Bach, Head of The Hartford’s International Business. Bach added, “We recognize Coalition’s innovative active insurance model that helps businesses identify and mitigate cyber risks before they become disruptions. We look forward to partnering with Coalition to serve more customers and brokers in the UK for years to come.”
According to the government’s Cyber Security Breaches Survey 2024, around 43% of UK businesses reported having cyber insurance, an increase from previous years. This trend highlights the rising importance of cyber insurance as organizations seek proactive measures to protect themselves. The partnership between The Hartford and Coalition aims to address this demand by offering advanced solutions that provide coverage and help prevent cyber incidents before they occur.
Percentage of organizations that have the following types of insurance against cyber security risks
“With cyber threats becoming more prevalent, businesses are actively seeking ways to manage their risk as it evolves,” commented Shawn Ram, Coalition’s Head of Insurance. “We are thrilled to have The Hartford join our panel of capacity partners. This partnership disrupts the standard approach to cyber insurance and offers businesses a proactive solution tailored to today’s challenges.”
The agreement responds to increasing customer and broker demand for comprehensive cyber insurance solutions in the UK. By joining forces, The Hartford and Coalition aim to enhance their ability to serve the market with products designed to prevent cyber threats and minimize potential disruptions.
Source: The Hartford And Coalition Announce UK Cyber Partnership.
Other News: UK Gov Offers Cyber Insurance — “Appalling” or “Good Step?”(Opens in a new browser tab).
Other News: UK National Crime Agency, responsible for fighting cybercrime, ‘on its knees,’ warns report.
