Allianz, Munich Re and Google Cloud team up on cyber risk insurance solution
Allianz Global Corporate & Specialty (AGCS), the corporate insurer of Allianz SE, and global reinsurer Munich Re have jointly developed a new commercial cyber risk insurance solution to simplify the insurance application and risk assessment process.
The solution, called Cloud Protection +, is designed exclusively for Google Cloud customers that are enrolled in Google’s new Risk Protection Program, which also consists of a new tool that helps determine a customer's security risk posture on the cloud.
Under Cloud Protection +, clients will be offered, subject to underwriting eligibility, a new type of protection against cyber incidents within their own corporate environment as well as incidents related to Google Cloud.
It will be initially rolled out for US-based users of Google Cloud, with plans to expand globally at a later date.
The new product will allow both carriers to utilise Google Cloud’s proprietary assessment tools to harness stronger underwriting variables, yielding a more data-driven risk evaluation and underwriting process. Each carrier will use the data from Google Cloud’s Risk Manager reports to simplify the insurance application and risk assessment.
“As one of the top three global business risks in the Allianz Risk Barometer 2021, cyber risk is complex and ever-changing, and cloud exposures are among today’s most relevant threats,” stated Thomas Kang, North American head of cyber at AGCS.
“To address a developing market need with Munich Re along with a major cloud platform provider such as Google Cloud is ideal. We not only obtain valuable insights on a company’s security posture, but remain at the forefront of understanding and managing emerging risks associated with cloud architecture and latest client needs,” he added.
Allianz said its recent priorities include the development of a new underwriting approach to clarify exposures – particularly silent cyber – across commercial property and casualty policies.
Product governance and harmonization as well as the further expansion of the global service provider network for cyber policyholders are also key areas under review.
Jody Yee, managing director for alternative risk transfer at AGCS, noted: “It is optimal for industry peers to establish custom products that move the needle in today’s corporate environment. We are meeting latest coverage needs with viable solutions to meet changing business dynamics.”
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