The German insurance group sees the cyber insurance division as a growth area.
Allianz and Munich Re are teaming up with the Internet giant Google in cyber insurance. As part of the cooperation, the two insurers offer companies that save their data in the Google cloud enhanced protection against hacker attacks and other Internet threats. In return, they receive data from Google about the vulnerability of the systems and the protection mechanisms of their future customers before the contract is signed, as the partners announced.
“This is extremely important. This is data to which we as an insurer traditionally had no access,” said Thomas Kang, who is responsible for cyber insurance in North America at Allianz's industrial insurance division, AGCS, on Tuesday.
The two German groups see cyber insurance as a growth area. More and more large entrepreneurs are relocating their data and even important applications for corporate management from their own servers to the cloud. Initially, Allianz and Munich Re are targeting companies from the USA with sales between 500 million and 5 billion dollars (between 415 million and 4.15 billion euros) with the Google cooperation. Sooner or later, smaller and larger companies as well as companies in other countries will be added.
The two insurers cover cyber damage up to 50 million dollars. Unlike in the past, however, customers can insure sales losses of up to a year instead of up to six months. The prerequisite for this is that you use a new diagnostic software from Google called “Risk Manager”. The tariffs for the “Cloud Protection +” cyber insurance are then also based on the protective measures installed.
