Markel Insurance has introduced a new product tailored for insurtech firms called InsurtechRisk+. It is designed to provide insurance and risk management cover for businesses based in the UK, Europe, Australia, Asia and Canada.
The product includes four insuring clauses: insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss. Policy limits extend up to £10 million.
InsurtechRisk+ follows the structure of Markel’s FintechRisk+ product and includes a suite of value-add services. These services, available throughout the policy term, include 24/7 access to business, legal and employment advice, research and development (R&D) tax advisory, debt recovery support, grant and funding assistance, contract reviews, and a cyber risk toolkit.
The bundled insuring clauses are aimed at addressing risks related to cyber threats, crime and financial exposures.
Nick Rugg (pictured above), head of fintech and investment management insurance at Markel, said the cyber risk environment has changed significantly since the company first introduced an insurtech policy.
“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,” Rugg said.
The product arrives as Markel continues to expand its offerings to support fast-growing technology sectors. In 2024, it introduced MarkelTech, a product designed to address the evolving needs of UK tech businesses.
MarkelTech includes covers such as professional indemnity, cyber, property, business interruption, and liability insurance, with customisable features suited to tech firms at different growth stages.
The launch also aligns with broader trends in the tech industry. In 2023, the UK saw the incorporation of 51,017 new tech companies, an increase from 41,972 the previous year. This growth, attributed to ongoing investment and developments in fields such as artificial intelligence and digital infrastructure, has further elevated the demand for insurance products capable of addressing complex digital and operational risks.
Rugg said the new policy provides broader coverage aligned with current exposures facing insurtech companies and reflects the company's focus on developing tailored risk management and insurance solutions for the sector.
“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,” Rugg said.
Markel’s FintechRisk+ policy, which preceded InsurtechRisk+, provides limits of up to US$20 million and included additional protections such as cyber-related extensions for betterment, crypto jacking, reward coverage, and telecom fraud.
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