Insurers join forces to boost cyber insurance in Australia

Insurers join forces to boost cyber insurance in Australia | Insurance Business Asia

Insurance News

Insurers join forces to boost cyber insurance in Australia

Existing partnership strengthened as APAC threats surge

Insurance News

By
Roxanne Libatique

Coalition Insurance Solutions Pty Ltd, an active insurance provider focused on managing digital risks, has entered into a multi-year agreement with Mitsui Sumitomo Insurance Co Ltd (MSI), part of the MS&AD Insurance Group.

Starting on Jan. 1, 2025, this agreement will provide additional cyber insurance capacity in Australia, with MSI taking on a portion of Coalition’s Active Cyber Insurance Program in the market.

Partnership between Coalition and MSI

This deal further strengthens the existing partnership between Coalition and MSI, which previously involved delivering cybersecurity solutions to small and medium-sized businesses (SMEs) in Japan.

“We’re excited to add new capacity and partner with MSI as we embark on our next chapter of growth,” he said.

Tomoyuki Komagome, general manager for MSI’s Australia branch, echoed this sentiment, stating that the collaboration highlights MSI’s dedication to supporting SMEs in Australia with more comprehensive cyber insurance.

“By combining our extensive experience, network, and scale across the Asia-Pacific region with Coalition’s technology-driven approach, we aim to diversify and grow together while enhancing the resilience of businesses in an increasingly digital landscape,” he said.

Clemens Philippi, CEO of MSIG Asia, a subsidiary of MSI, said that the agreement could act as a model for expanding into other Asia-Pacific markets.

“This partnership serves as a blueprint for our expansion from Australia to other markets in the region. By leveraging Coalition’s innovative strategies alongside our expertise and unrivalled presence in Asia, we aim to set a new standard for cyber insurance across the region,” he said.

The report also highlighted that, for the second consecutive year, financial services represented 34% of global Layer 3 and Layer 4 distributed denial-of-service (DDoS) attacks, followed by the gaming and high-tech industries at 18% and 15%, respectively.

Phishing remains a significant threat as well, with financial institutions experiencing the highest levels of brand impersonation. According to the report, 68% of phishing domains specifically targeted the financial services sector, making it a key area of concern for cybersecurity professionals.