Munich Re and Allianz have established a partnership with Google Cloud on cyber insurance, described as a first-of-its-kind collaboration between a major cloud provider and leading insurance companies.

“With cloud being increasingly embraced by larger organizations as a way of doing business, this new partnership aims to address the specific needs of Google Cloud customers and focuses on leveraging data insights from Google Cloud in creating innovative and sustainable cyber solutions,” Munich Re says in a statement.

The partnership revolves around an innovative cyber insurance solution, “Cloud Protection +”, exclusively for Google Cloud customers. It combines the cloud-specific security expertise of Google Cloud and the risk transfer expertise of Munich Re and Allianz Global Corporate & Specialty (AGCS).

Organizations gain actionable insights into their risk exposure and can take targeted measures to reduce or cover their risks. When applying for coverage, organizations share a Risk Manager report with insurers, greatly simplifying the application and underwriting process, Munich Re says. Data-driven submission and underwriting enable an easier, more efficient and more transparent purchase process for customers.

Stefan Golling, a member of Munich Re’s board of management, says: “By combining the expertise of three industry leaders we address the specific risk management needs of organizations that are moving their business to the cloud. Embedded in an efficient underwriting process, our solution Cloud Protection + provides a holistic response to cyber risk. Above and beyond the immediate benefit for Google Cloud customers, the cooperation will contribute to the further enhancement of Munich Re’s cyber risk modelling.”