San Francisco-based Coalition has launched Allianz-backed Active Cyber Insurance in Australia, which it says is designed to prevent digital risk and combines assessment, protection and response.

Its cyber risk management platform Coalition Control receives real-time alerts about current vulnerabilities and emerging threats through continuous scanning and monitoring to help identify risks before an incident can escalate. 

Coalition also offers an in-house claims team to help businesses quickly recover from an incident and get back to normal operations. 

Australian brokers can now sell Coalition Cyber Insurance and Tech E&O Insurance on a primary basis to businesses with up to $2 billion in turnover.

Allianz Commercial Global Head of Cyber Scott Sayce says early detection and effective response capabilities are key for the insurer’s customers.

"In partnership with Coalition, our customers will be able to reinforce their cyber controls and resilience,” Mr Sayce said.

Australia is Coalition’s fourth global market. It launched in the US in 2018, Canada in 2020, and the UK last year. It says it will continue expanding its Australian offices, building local business development, underwriting, claims, and incident response teams in the region. 

Coalition’s Active Cyber Insurance product works with organisations to help them understand their cyber risk profiles, improve their defences and prevent future attacks. Coalition CEO and co-founder Joshua Motta says only 20% of Australian small businesses have cyber insurance, and “even fewer brokers specialise in the coverage area”.

“We are excited to bring our unique and innovative solution to brokers and their clients and to be a partner in helping businesses before, during and after a cyber incident,” he said. 

“We have observed the intense business need in Australia for access to a comprehensive solution like Active Cyber Insurance that can detect, assess, respond to, and prevent cyber risk.”

Policyholders receive a risk assessment to better understand their existing security, and cyber defensive areas they should reinforce. 

Coalition says it offers comprehensive cyber coverage as standard and covers most industries, and brokers can generate bindable quotes in minutes and access a library of training materials and resources to help advise on cyber risk.

Coalition and Allianz Australia have a multi-year agreement and Allianz also provides capacity for the company’s US and UK cyber insurance programs.