Markel launches FintechRisk+ in Australia

By Aarav Garg

Markel Insurance, the insurance arm of Markel Group, has launched its FintechRisk+ product in Australia, expanding its coverage for FinTech companies in the APAC region.

The launch coincides with the 10-year anniversary of Markel’s FinTech insurance offering, introduced in London in 2016. Since then, the company has expanded the product across Europe, Canada and Asia.

Markel said that its FinTech portfolio in Asia has grown more than tenfold over the past seven years and now supports around 80 clients. The company aims to build on this experience as it enters the Australian market, which includes more than 800 FinTech firms and is projected to generate $71 billion in revenue over the next decade.

Kym Beazleigh, Head of Professional and Financial Risks – Australia, said: “The launch of FintechRisk+ in Australia is the next step of our Financial Institutions product rollout and demonstrates Markel’s ongoing commitment to the Australian market. With strong foundations in the London, European, Asian and Canadian markets, combined with two locally empowered experts in Daisy and Lan, the FintechRisk+ policy is another example of how we’re bringing the best of Markel to Australia.”

FintechRisk+ is said to be a modular policy for medium to large FinTech companies, combining multiple areas of coverage into a single offering. These include financial services and technology liability, directors and officers liability, theft protection and cyber liability.

A key feature of the product is its integrated cyber insurance component, which provides access to a network of cyber incident response providers. Through a 24-hour helpline, clients can receive support in preparing for, responding to and managing cyber incidents.

Markel said the expansion reflects growing demand for specialised insurance solutions in Australia’s rapidly developing FinTech sector. The company added that the product will be supported by a local underwriting and claims team, alongside its global technical expertise.