Allianz Launches Cyber Coverage to Address Emerging Risks

August 10, 2016

Allianz Global Corporate & Specialty (AGCS) has introduced its next generation cyber and professional liability coverage product called ACCEPT Protect designed exclusively for the North American market. The new product offers a streamlined form structure with flexible terms and offers individual or blended options for emerging threats across the cyber, media, technology and miscellaneous errors & omissions (E&O) markets.

ACCEPT Protect incorporates the existing Allianz product, Cyber Protect Premium, and adds the option of offering coverage for various professional indemnity (PI) exposures as part of the same policy if needed.

“ACCEPT Protect is a true ‘a la carte offering, providing brokers and clients the option of having their cyber and PI exposures covered under one policy,” said Emy R. Donavan, AGCS North American head of Cyber and U.S. head of E&O.

The cyber risk of today is complex and ever-changing, with attacks and incidents increasing at exponential rates and costs climbing into the multimillions. According to the latest AGCS Cyber Risk Guide, the annual cost of cyber crime to the global economy is at $445 bn, and the projected annual cost to the world’s largest four economies – the U.S., China, Japan and Germany – is at over $200 billion.

ACCEPT Protect policyholders also have access to risk management services offered through the AGCS eRiskHub powered by NetDiligence portal, as well as a panel of global industry experts to provide services such as security assessments and options, proactive mitigation services and full-scale simulated cyber-attacks.

In the event of a claim, policyholders are covered for a wide range of financial costs, including those incurred to inform customers, perform forensic investigations, data restoration as well as losses resulting from general business interruption. Another component includes covering the expense of crisis communication counsel needed to safeguard a company’s reputation.

Allianz Global Corporate & Specialty (AGCS) is the Allianz Group’s dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: marine, aviation (including space), energy, engineering, entertainment, financial lines (D&O), liability, mid-corporate and property insurance (including international insurance programs).

Worldwide, AGCS operates in 29 countries with own units and in more than 160 countries through the Allianz Group network and partners.

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