Markel Insurance has announced the launch of InsurtechRisk+, a specialised insurance solution tailored for InsurTech businesses operating across multiple global markets.
The new product arrives in response to the rapidly evolving cyber risk environment, where threat actors are increasingly leveraging artificial intelligence and sophisticated technologies to compromise company networks, impersonate senior leadership, and steal sensitive data and funds, according to FF News.
As cyber threats intensify, InsurTechs face growing pressure to ensure robust protection against liability and crime-related exposures.
Markel Insurance, a specialist insurer with a strong global footprint, offers tailored risk solutions across various sectors including FinTech, InsurTech, and investment management. The firm is recognised for its comprehensive policy offerings and award-winning claims service.
InsurtechRisk+ has been designed to provide InsurTech companies with an all-in-one insurance package.
The product includes four insuring clauses: insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss cover. These features are available for businesses domiciled in the UK, Europe, Australia, Asia and Canada, with coverage limits of up to £10m.
Beyond standard insurance coverage, InsurtechRisk+ also includes a suite of value-add services that policyholders can access throughout the policy period.
These include 24/7 business, legal and employment advice, R&D tax advisory, debt recovery support, grant and funding assistance, contract reviews and a cyber risk toolkit. This comprehensive approach is intended to minimise risk exposure and streamline claims management.
By consolidating multiple insuring clauses and services into a single product, Markel aims to eliminate the common issue of fragmented policies across different insurers. This “one-stop-shop” solution reduces the risk of coverage gaps and allows clients to focus on scaling their operations with peace of mind.
Markel also highlights the success of its existing FintechRisk+ offering, which provided a model for developing InsurtechRisk+. This signals the company’s continued commitment to innovating in the insurance landscape for technology-driven enterprises.
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.”
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