Allianz partners with Coalition for cyber insurance solutions. Credit: Blue Coat Photos/Flickr/ (Creative Commons)

Allianz has entered into a partnership with cyber insurance and security provider Coalition to offer multi-year capacity for US and UK cyber programmes.

As agreed, Allianz will have control of a share of Coalition’s all non-admitted cyber programmes in the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Allianz will also lead Coalition’s UK cyber programme which is slated to launch later this year.

The collaboration expands Allianz’s existing products and distribution network leveraging Coalition’s ‘Active Cyber Insurance’ approach. It will also help in serving the small and medium-sized enterprises (SME) and mid-sized companies in the two countries.

Allianz Cyber global head Scott Sayce said: “Cyber is one of the top risks for businesses globally and while the risk landscape is not getting any easier, we are expanding our offering for customers.

“We constantly urge our customers to strengthen their cyber defences and, with its innovative approach to cyber risk, Coalition has proven that data and technology can be very effective to prevent and resolve cyber claims.”

It is reported that the global economy loses up to $1.5tn per annum because of cyberattacks. However, majority of the companies are not prepared to combat the challenges.

Coalition Insurance head Shawn Ram said: “Far too many organizations simply aren’t prepared to manage and mitigate cyber risk.

“Coalition’s Active Insurance offers demonstrably better protection from cyber threats and with Allianz’s support we will be able to provide Active Cyber Insurance to more organisations worldwide.”

Recently, Allianz extended its Asian bancassurance partnership deal with HSBC.