Munich Re, Allianz team with Google on cyber program
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Munich Re and Allianz SE units said Tuesday they are offering a program that combines a new cyber policy with up to $50 million in limits with cloud data provided by a Google LLC unit.
The Risk Protection Program has two parts, according to officials of Google Cloud, Allianz Global Corporate and Specialty and Munich Re: a diagnostic tool called Risk Manager that enables Google Cloud customers to measure and manage their risk and obtain a report on their security posture; and a quota share program to insure cyber risk jointly offered by Munich Re and Allianz that uses this data to streamline the underwriting process.
The program marries “technology and risk transfer to deliver a more transparent underwriting process and broader coverage,” said Bob Parisi, Munich Re’s New York-based head of cyber solutions.
He said the risk manager tool provides underwriters with information they can tap into that goes beyond the data provided by the questions they normally ask.
“The two pieces are separate and distinct,” Mr. Parisi said. The Risk Manager tool collects information that “allows the client to share data with the underwriters. It basically helps us create a submission that is quicker, cleaner and, frankly, more accurate than anything we’ve gotten before,” he said.
“This is the holy grail that the cyber insurance market has been chasing” since “cyber insurance came into being,” he said.
Mr. Parisi said no goals have been set on the amount of coverage that will be written. “We don’t have numbers in mind,” he said.
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