Generali announces new insurance offering for companies to protect themselves against cyber-attacks in Brazil
Through Generali Global Corporate & Commercial Brazil, Generali now caters for the Brazilian market with a new effective cyber liability insurance and data breach response services
Beazley’s data breach expertise to back new Generali Corporate and Commercial cyber product in Brazil
Through Generali Global Corporate & Commercial Brazil, Generali now caters for the Brazilian market with a new effective cyber liability insurance and data breach response services. Generali Global Corporate & Commercial is the Generali Group unit that develops P&C business and insurance services for medium and large companies.
Generali Brazil, the Brazilian subsidiary of Assicurazioni Generali AG, one of the world's leading insurance groups, will join with Beazley, a pioneer and market leader in cyber and data breach-response insurance, to sell Cyber insurance to corporate clients.
All organizations face the reality of cyberattacks seeking to steal corporate and client information, disrupt operations, hijack systems, erase information and damage corporate reputation. Cyber insurance offered by Generali Global Corporate & Commercial Brazil is an effective tool to help manage these risks. This is an information security insurance and privacy breach response solution which includes a range of services to help the Insured respond to an actual or suspected data breach as effectively as possible.
Generali’s Cyber Insurance coverage may cover the notifications costs, crisis management, business interruption, forensic expertise, investigation costs, data loss, legal services and client indemnification. To do this, Generali GC&C Brazil, together with Beazley, will offer a range of specialized professionals who will respond to the privacy breach.
"Cyber insurance is an area not yet well explored in Brazil. This offer fills an additional void that new, emerging risks like malicious and non-malicious cyber attacks have created in the Internet age. We have been developing this policy for two years and we are glad we will make it available to corporate and commercial businesses. It is a market with strong interest and potential and we are confident that this new product will be a success. Our goal is to help our clients succeed in their business, to add value beyond the policy and be flexible, agile and adaptable”, said Werner Stettler, Director of Generali Global Corporate & Commercial Brazil.
Paul Bantick, Beazley's Technology, Media And Business Services UK Focus Group Leader at Beazley, added:
¨We are excited to partner with Generali Global Corporate & Commercial Brazil and bring our cyber and data breach response insurance to the Brazilian market. Companies in Brazil will now have access to a complete privacy breach response management and information security insurance solution. Through this new offering, Generali Global Corporate & Commercial Brazil clients will be able to utilize Beazley’s data breach response services and will benefit from our extensive expertise managing and mitigating the impacts of data breaches for clients globally.¨
Beazley will coordinate the breach response for policyholders, including the IT experts, legal services, identity monitoring, notification and call centre services and public relations. Beazley has helped clients handle more than 6,500 data breaches since the launch of its flagship product, Beazley Breach Response, in 2009.
Generali is an independent, Italian Group, with a strong international presence. Established in 1831, it is among the world’s leading insurers and it is present in over 60 countries with total premium income exceeding €70 billion in 2016. With over 74,000 employees in the world, and 55 million clients, the Group has a leading position in Western Europe and an increasingly significant presence in the markets of Central and Eastern Europe and in Asia. In 2017 Generali Group was included among the most sustainable companies in the world by the Corporate Knights ranking.
About Generali Global Corporate & Commercial (GC&C)
Generali Global Corporate & Commercial is the Generali Group unit that develops the P&C business and insurance services for medium and large companies. Generali Global Corporate & Commercial acts on a global scale and deploys an integrated approach at Group level with a central management team and specialized teams active in individual countries. GC&C draws on a worldwide network of professionals to offer a seamless approach towards global risks and deliver what matters to clients. With a client-centric approach, GC&C provides a full range of property, casualty and specialty lines protection to corporate and commercial clients and their brokers worldwide.
Today more than 1,000 professionals work in the nine main offices of GC&C in Milan, London, Madrid, Paris, Prague, Sao Paolo, Hong Kong, New York and Munich. GC&C serves clients and brokers in more than 100 countries, generating an overall Gross Written Premium (GWP) of approximately € 2.0bln.
Beazley plc (BEZ) is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd’s syndicates and, in 2016, underwrote gross premiums worldwide of $2,195.6 million. All Lloyd’s syndicates are rated A by A.M. Best. Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.