Coalition Enters Excess Cyber Insurance Market in Australia
SYDNEY — May 14, 2024 — Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, today announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their cyber towers. Australian brokers can now sell coverage of up to AUD 20 million above a primary layer of insurance from another cyber insurance provider.
Coalition’s excess policies can include drop-down cover over select sub-limited coverage, like funds transfer fraud and social engineering, via endorsement. Additionally, with any Active Cyber Insurance policy offered by Coalition, organisations gain access to the company’s cyber risk management platform, Coalition Controlᵀᴹ, and a dedicated security support team to answer questions and help resolve security issues or alerts.
"Building on the success of our primary launch, we’re thrilled that Coalition’s innovative Active Cyber Insurance offering for excess is available for brokers to start quoting now,” said Sam Weaver, Coalition’s General Manager, Australia. "Our broad appetite for offering cyber coverage will enable more Australian businesses to acquire cyber insurance and be better protected from digital risks.”
Australia is Coalition’s fourth global market, having launched in the U.S. in 2018, Canada in 2020, and the U.K. in 2022. The firm already offers excess cyber products in its other global markets.
Brokers can submit directly to Coalition’s expert underwriting team at aus@coalitioninc.com and learn more about Active Insurance at: https://www.coalitioninc.com/au.
About Coalition
Coalition is the world's first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate potential cyberattacks. Leveraging its relationships with leading global insurers and capacity providers, including Coalition Insurance Company, Coalition offers Active Insurance products to businesses in the U.S., the U.K., Canada, and Australia. Policyholders can receive automated cyber alerts and access expert advice and global third-party risk management tools through Coalition's holistic cyber risk management platform, Coalition Control™.
Insurance cover is issued by Coalition Insurance Solutions Pty Ltd (“CIS AU”) (ABN 33 657 140 791, AFSL 539846) under a binding authority given by Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708) (Insurer). This information is of a general nature only and does not take into account any person's particular circumstances. All descriptions of coverage are subject to the terms, conditions, and exclusions of the individual policy. Before making a decision (or advising your client), please refer to the relevant policy wording available here or by contacting your broker. CIS AU may receive compensation from an insurer or other intermediary in connection with the sale of insurance cover. See Disclaimers. Copyright © 2024. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc.
Coalition acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past, present and emerging.
Insurance products offered by Coalition are written on behalf of third-party insurers including Allianz Australia Insurance Limited (ABN 15 000 122 850 AFSL 234708) and/or Mitsui Sumitomo Insurance Company Limited (ABN 49 000 525 637, AFSL 240816).
