Pioneering cyber insurance: Munich Re partners with Google Cloud and Allianz

| 05 Mar 2021

Munich Re, Google Cloud and Allianz have announced a joint partnership towards pioneering cyber insurance, a first-of-its kind collaboration between a major cloud provider and leading cyber insurance companies. .

With cloud being increasingly embraced by larger organisations as a way of doing business, this new partnership aims to address the specific needs of Google Cloud customers and focuses on leveraging data insights from Google Cloud in creating innovative and sustainable cyber solutions.

First cyber cooperation by leading insurers with a top cloud provider
The three partners came together to better serve clients´ needs by addressing the accelerating global trend of cloud usage head on. The cloud-specific security expertise of Google Cloud, together with the risk transfer expertise of Munich Re and AGCS is incorporated into a database offering for cloud customers. Google Cloud enables organisations to retrieve an individualised report on their security position on the platform using their new Risk Manager tool.

Organisations gain actionable insights into their risk exposure and can take targeted measures to reduce or cover their risks. When applying for coverage, organisations share the Risk Manager report with insurers, greatly simplifying the application and underwriting process.

The joint offering, achieved by linking technology with insurance know-how and facilitating the sharing of in-depth data, brings a new level of maturity to the market.

The Risk ProtectionProgram provides customers with a higher level of security, covering technical and financial aspects of risk management. The building blocks of the offering are embedded in the Risk Protection Program, which integrates the Risk Manager tool with access to a cyber policy called Cloud Protection +.

Cloud Protection +: Sharing cloud data to help customers get best-in-class coverage
Munich Re and AGCS have developed the Cloud Protection + policy exclusively for Google Cloud customers. The enhanced data from the Risk Manager tool facilitates a differentiated risk insight: The Risk Manager report reflects the customer’s unique risk position and, when shared with the insurer, the customer benefits from a more efficient and transparent underwriting process.

Thanks to individual risk assessment and the tailormade policy, Cloud Protection + offers customers best-in-class coverage and direct access to market leaders in cyber insurance. The policy will initially be offered to Google Cloud customers in the United States and will be available to organisations with revenues of between US$ 500m and US$ 5bn. At a later stage, the scope will be extended to include organisations in other revenue segments and countries.


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