* Allianz rolls out cyber protection insurance package
* Annual premiums of roughly 50,000 euros to 90,000
* Sees double-digit market demand growth ex-U.S.
* Sees total Europe premiums at 700-900 mln eur in 2018
MUNICH, July 10 Europe's biggest insurer Allianz
is expecting to cash in on growing corporate demand
for insurance against computer hacking and internet breakdowns,
it said on Wednesday.
"We see cyber insurance as a big growth market," said
Hartmut Mai, board member at Allianz's AGCS unit for global
corporate and special insurance risks.
Insuring against cyber threats is seen as a potentially
lucrative market for Europe's insurers, particularly now that
lawmakers are promising bigger fines for companies that lose
"If my production lines are silent because my cloud
(computing) provider cannot make the data I have stored there
available, then that could threaten the company's existence,"
Mai told a press briefing.
While cyber insurance products in the United States are
already well developed, generating premiums of around $1.3
billion per year, they are drawing premiums of only around 150
million euros ($192 million) in continental Europe, including
between 50 million and 70 million in Germany, Mai said.
That leaves room for the market outside the United States to
grow by double-digit rates.
"We see the overall market in Europe at between 700 and 900
million euros in 2018," Mai said, adding that Allianz aimed to
grow with the market and hold a share of around a fifth.
Allianz has brought several types of risk cover, including
some existing insurance products, into a single package for its
cyber offering, which it expects will be of interest to telecoms
companies, software houses, online retailers and banks.
Annual premiums would range from roughly 50,000 euros to
90,000 and would offer between 10 and 50 million euros of
protection, Mai said.
The insurer is rolling out the package in western Europe,
Australia and New Zealand this year and will target several
Asian countries in 2014. It does not plan to offer it to
U.S.-based customers, where the liability rules make the market