Coalition has launched its Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. This new insurance offering is available starting today.
The Federal Financial Supervisory Authority’s 2024 Risks in Focus Report, produced by BaFin Germany’s Federal Financial Supervisory Authority, identifies cyber-attacks and IT system breakdowns as major threats to German businesses. Coalition’s Active Cyber Insurance aims to address these risks by providing tools for businesses to identify, manage, and respond to cyber threats. The insurance includes features that help policyholders understand their risks, strengthen their defenses, and prevent future attacks.
Joshua Motta, CEO and co-founder of Coalition said, “German businesses often face cyber-attacks, requiring significant recovery resources. Active Cyber Insurance helps businesses defend against these threats.”
Coalition’s insurance products in Germany are supported by Allianz Global Corporate & Specialty SE through a multi-year agreement. The Active Cyber Insurance is available to businesses with up to €1 billion in revenue and has no minimum premium requirement. An Excess Cyber Insurance product is expected to be available in early 2025.
Manage Risk
Michael Furtschegger, Allianz Commercial’s Regional Managing Director for Germany & Switzerland, stated, “Cyber risks remain a top threat for companies. This partnership with Coalition enhances our support for German businesses in managing these risks.”
Coalition’s existing partnership with Allianz also includes support for its U.S., U.K., and Australian cyber insurance programs. Martin Swider, Coalition’s Head of Business Development in Germany, highlighted the challenges in the German market, including a shortage of skilled cyber experts and difficulties in calculating premiums. “Coalition’s data-driven approach to underwriting and risk management is well-suited to tackle these issues, helping brokers and their clients achieve comprehensive cyber coverage,” said Swider.
Source: Coalition Introduces Active Cyber Insurance in Germany
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