Allianz Nigeria announces cyber risk insurance

Allianz Nigeria plans to roll out a cyber insurance policy before the end of the first half of 2021, announces Adeolu Adewumi-Zer, the CEO of the company.

The insurer, which awaits regulatory approvals, recently published a risk barometer based on a survey of 193 Nigerian companies questioned which shows that cyber incidents are the second perceived risk in 2021, just behind Covid-19, while ‘they were only considered the eighth most important risk.

The new insurance will cover data loss and reputational risk as well as cybercrime.

“As the Covid-19 pandemic significantly accelerates the need for work from home, cybersecurity is becoming a major issue for users. Cybercrime will not go away when Covid ends. The world has changed, ”said Adewumi-Zer.

Allianz Nigeria recently announced an increase in the company’s authorized share capital from 10 billion naira ($ 24.2 million) to 18.5 billion naira ($ 44.8 million). This follows the creation of 17 billion ordinary shares, enabling Allianz Nigeria to increase the authorized share capital.

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