Coalition launches in Australia
Cyber insurance startup Coalition is now offering coverage in Australia, its fourth market following the launch in the US, UK, and Canada.
Capacity for Coalition’s offering is provided by a multi-year agreement with Allianz Australia. Allianz is a strategic partner of Coalition, also providing capacity for the company’s US and UK cyber insurance programs.
Australian brokers can now sell Coalition Cyber Insurance and Tech E&O Insurance coverages on a primary basis to businesses with up to $2 billion in turnover.
“In the last year alone, countless businesses in Australia have suffered high-profile cyber-attacks, affecting millions of Australians and pushing cybersecurity and data privacy to the forefront of the national conversation. Yet, only 20% of Australian SMEs currently have cyber insurance, and even fewer brokers specialise in the coverage area. 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, ultimately, prevent cyber risk. 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.” – Joshua Motta, Coalition’s CEO and co-founder.
“Cyber risk is a significant threat impacting Australian businesses today. Allianz is proud to partner with Coalition and help provide our broker partners and their customers this unique solution, which combines comprehensive insurance coverage and active security protection to help safeguard Australian businesses against future cyber-attacks.” – Phuong Ly, chief general manager, Commercial, at Allianz Australia.