Allianz has gone into a multi-year partnership with cyber insurance and security provider Coalition.
The terms of the agreement will see Allianz provide Coalition with long-term committed capacity for its US cyber insurance programs and will lead the latter’s UK cyber program when it launches later this year.
Scott Sayce, global head of cyber at Allianz, 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.”
Coalition has signed up with a number of insurance firms this year, including partnerships with Acrisure in May and Ascot in April. This followed the firm closing a $205m funding round in September last year that followed a March 2021 funding round of £175m.
Earlier this year, Allianz said that it viewed cyber perils as being the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climbed the rankings of the latest Allianz Risk Barometer.
With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed the top spot for just the second time, after coming in third last year at 40%.
Ransomware threats in particular were confirmed as the top cyber risk for 2022 by survey respondents, driven by a flurry of recent attacks which feature new tactics such as ‘double extortion’ .
