International Finance

Allianz and CIB Egypt to provide insurance against online banking services

Allianz CIB Egypt_IFM_Image
The insurance will also cover damages to digital property, business interruption, and investment expenditures

Germany-based Insurance company Allianz has signed a contract with Commercial International Bank (CIB) to provide insurance that cover cyber related risk of banking services, the media reported.

The insurance product, launched by Allianz and CIB Egypt will also cover damages to digital property, business interruption and investment expenditure.

According to Mohamed Mahran, Vice Chairperson and Managing Director of Allianz Egypt, the product is the first of its kind in Egypt’s banking sector.

Mohamed Sultan, Chief Operation Officer at CIB, said that the bank places the highest priority on providing maximum protection against any cyber attacks for all its customers.

He expects the launch of the product to play a crucial role in accelerating digitalisation in the country amid the coronavirus pandemic. He believes it will also help improve financial inclusion in Egypt.

With regard to the launch of its newest insurance product in partnership with Allianz, he told the media, “We are well aware of the size and seriousness of the rapid developments that the world is witnessing in the field of electronic piracy and cyber attacks, so we work very hard to protect our customers and ourselves from these risks.”

“We always coordinate with our partners in Allianz to deal with these dangers that we face, whether traditional or new,” he added.

Last month, Allianz completed the acquisition of Brazilian insurer SulAmerica’s property/casualty and car insurance unit for around €500 million.

With the deal, the German insurer expects to increase its share of the Brazilian property/casualty insurance market to 9 percent.

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