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