Allianz Global Corporate & Specialty partners with Google Cloud and Munich Re to provide cyber risk management solution for cloud customers

Allianz Global Corporate & Specialty (AGCS), the corporate insurer of Allianz SE, and Munich Re have jointly developed a new commercial cyber risk insurance solution called “Cloud Protection +.” This collaboration provides state-of the-art insurance exclusively designed for customers of Google Cloud enrolled in Google’s new “Risk Protection Program.” 

The Risk Protection Program consists of two components: Risk Manager, a new tool that helps determine a customer's security risk posture on the cloud, and Cloud Protection + - a new cyber insurance solution built exclusively for Google Cloud customers.

Under Cloud Protection +, clients are 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. Target customers for this solution are US-based Google Cloud users, though this offering may be offered globally at a later date.

Companies are increasingly using cloud-based solutions: according to Gartner Research, by 2024, more than 45 percent of IT spending will shift from traditional solutions to the cloud. Cloud usage comes with many benefits, such as lowered cost, enhanced data analytics and expanded collaboration, but also new potential risk around security, compliance and data privacy.

“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, 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.”

The new product allows both carriers to utilize 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. Conveniently, carriers receive reports directly from the clients through the Risk Manager tool.

“It is optimal for industry peers to establish custom products that move the needle in today’s corporate environment,” added Jody Yee, Managing Director Alternative Risk Transfer, AGCS. “We are meeting latest coverage needs with viable solutions to meet changing business dynamics.”

Cloud customers, especially those in regulated markets such as financial services and healthcare, are concerned about security and reliability in the cloud as they run the risk of high-profile data breaches and outages. Some have resulted in great financial and reputational loss or even business closures. Whether it stems from an external cyber-attack, human error or a technical failure, the Allianz Trends in Cyber Risk report further points out that business interruption (BI) due to security issues, is the main cost driver behind cyber claims; it accounts for nearly 60 percent of the value of all claims analyzed, with the costs associated with data breaches ranking second.

AGCS launched its first standalone cyber insurance product in 2013, and has seen steady growth since in all key markets, globally. As the demand for cyber coverage has evolved, Allianz launched its Cyber Center of Competence (CoC) in 2018. The center, embedded into AGCS, focuses on coordination and alignment of cyber underwriting for the commercial insurance segment within Allianz Group, adopting a prudent approach as both cyber risks and claims are increasing.

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.  

About Allianz Global Corporate & Specialty

Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of 9.3 billion euros gross premium globally.

 

The Allianz Group is one of the world's leading insurers and asset managers with 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 716 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance  industry in the Dow Jones Sustainability Index. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.
** As of June 30, 2022

Press contacts

Heidi Polke
Allianz Global Corporate & Specialty (Munich)
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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