As digital scams grow more sophisticated and costly, Coalition has increased its standard cyber crime insurance coverage for Australian customers to $500,000.
This higher limit, automatically applied to new quotes for eligible occupations, now represents 25% of the total policy value. Organizations seeking additional protection can apply for coverage up to $1 million, pending underwriting approval.
Trent Nihill, Coalition Australia’s Head of Underwriting, explained the change addresses a growing gap between typical cyber losses and existing coverage limits. “Our recent Claims Report showed average first-time fraud losses exceed $250,000, highlighting a clear market need. By doubling our standard limit, we aim to better protect Australian organizations and improve their cyber resilience,” Nihill said.
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