Biba 2025: A ‘very large uninsured opportunity’ remains for SME cyber coverage – Sam Franks

There remains a significant growth opportunity for brokers that work with SME clients where cyber coverage is concerned, with penetration still sitting below 20% across the UK in this segment. 

That was according to Sam Franks, country manager for the UK and Ireland at international insurer Beazley, who spoke to Insurance Times at 2025’s Biba conference yesterday (15 May 2025). 

Franks explained: ”Penetration is improving, but there is still a very large unisured opportunity. 

“At the moment, in [the cyber] market, the smaller the client is, the lower the penetration. It can be improved with some focus and confidence, however, and we’re supporting our broker partners in understanding the risk landscape and understanding how a full spectrum cyber proposition can help protect clients.” 

Broker education

Franks added that brokers, properly supported with tools and educational materials by cyber insurers, were vital to increasing penetration of cyber into the UK SME market.

He said: “It all stems from the advice that the broker gives and the challenge is to find a way to translate that message effectively to clients.”

Targeting of that education from brokers is important too, with Franks noting that many brokers had experienced difficulties in explaining the salience of cyber insurance to traditional insurance buyers on the client end. 

He explained: ”Brokers have told us that they sometimes feel like the traditional buyer of insurance is perhaps not the best person to consider the cyber risk, so it’s about identifying who might be.”

Insurers also have a responsibility to provide broker partners with data on previous cyber incidents to help them show the impact of potential attacks, with segment-specific prior examples particularly helpful to brokers trying to sell into an underpenetrated market.

Franks finished: ”It’s for Beazley and other insurers to really understand brokers’ needs and then for the broker to work with us to understand how we can help them.”