Markel Insurance, the specialist insurance arm of Markel Group Inc., has launched InsurtechRisk+, a comprehensive insurance product designed specifically for InsurTech businesses across the UK, Europe, Australia, Asia and Canada.
The package includes cover for technology liability, directors and officers (D&O), crime, and cyber risks, with policy limits of up to £10m and access to a suite of value-add services, according to FF News.
The launch follows the rise of complex cyber threats, particularly from AI-driven attacks, prompting a need for more robust and integrated cover.
Nick Rugg, head of fintech and investment management insurance at Markel, said, “The cyber risk landscape has evolved since we launched our first Insurtech policy, with the emergence of more advanced attacks from threat actors utilising AI tools/technology to infiltrate company networks, impersonate senior personnel and steal confidential data and funds.”
He expands: “Our newly created InsurtechRisk+ policy provides superior cover, reflecting the many cyber exposures that insurtech companies face today and our continued dedication to providing bespoke risk management and transfer solutions for our insurtech/fintech insureds, backed by an award-winning claims team.
“Another key goal in launching InsurtechRisk+ is to offer best-in-class cover alongside risk management solutions that go beyond typical post-loss assistance for policyholders. We want to disrupt traditional insurance products as well as how customers view the role of the insurer as only helping clients after an incident has taken place.”
Rugg concludes: “I’m looking forward to rolling out this cover for our insurtech businesses, together with the value-add services that have been tailored with their needs in mind.”
Source: https://fintech.global/
