3 March 2021Actuarial & underwriting

Munich Re, AGCS collaborate on cyber policy for Google Cloud

Munich Re has partnered with Google Cloud and Allianz Global Corporate & Specialty (AGCS) to provide cloud-specific cyber coverage.

The policy will initially be offered to Google Cloud customers in the US and will be available to organisations with revenues of between $500 million and $5 billion. The scope of the policy will be extended to include organisations in other revenue segments and countries in due course.

The risk protection programme integrates Google’s risk manager tool with access to a cyber policy called  Cloud Protection +, developed by Munich Re and AGCS exclusively for Google Cloud customers.

Google’s risk manager tool is available on Google Cloud and provides customers with an individualised report on their security position, providing actionable insights into their risk exposure.

“When applying for coverage, organisations share the risk manager report with insurers, greatly simplifying the application and underwriting process,” said Stefan Golling, a member of the Munich Re’s board.

The offering comes in response to the continuing trend towards cloud usage, said Golling. Clients are trying to build technically robust security environments in the cloud and need to mitigate and insure against any remaining risks, he explained.