Coalition has introduced its cyber insurance and technology errors and omissions (E&O) insurance offerings in Quebec, allowing brokers in the province to receive streamlined quotes for businesses of all sizes.
Coalition’s risk appetite extends to enterprises with up to $1 billion in revenue. The products will be distributed by brokers through capacity provided by Lloyd’s and Arch Insurance Canada.
Arch Insurance Canada was awarded as The Top Claims Insurers in Canada. Read the 5-Star Claims report here.
With this launch, Quebec brokers now have access to active insurance coverage. Coalition has described the launch as “an innovative approach that combines the power of technology and insurance” to identify, mitigate, and respond to digital risks before they evolve into cyber attacks.
All policyholders of Coalition’s active insurance gain access to risk management platform Coalition Control, a news release stated, which alerts organizations to critical vulnerabilities and security findings within their attack surfaces.
Headquartered in San Francisco, Coalition is hailed as the world’s first active insurance provider. It initially entered the Canadian cyber insurance market in 2020 and has plans to further strengthen its presence in Quebec throughout the remainder of the year.
Last month, the company announced the launch of a vulnerability scoring system called the Coalition Exploit Scoring System (ESS), which leverages artificial intelligence and large language modelling to help risk managers mitigate potential cyber threats.
In a recent study, Coalition identified phishing as the number-one path used by threat actors to breach a company’s system for any purpose, accounting for 76% of all reported cyber incidents.
The same report found that cyber policyholders with even one unresolved critical vulnerability are 33% more likely to experience a claim.
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