Allianz Nigeria to enter the cyber insurance market

Allianz Nigeria is planning to introduce cyber risk insurance products before the end of H1 2021. The German group's Nigerian subsidiary has filed an application for approval from the supervisory authorities.

The new coverage includes data loss, reputational risk and cybercrime.

According to the Allianz Risk Barometer 2021, cyber attacks come in second place in the ranking of risks that Nigerian companies face.

The increase in hacking is mainly linked to the development of teleworking in Nigeria.