The product offers protection for companies domiciled in the UK, Europe, Australia, Asia, and Canada, with limits of up to £10 million. InsurtechRisk+ combines four key coverage areas—insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss—into a single, streamlined policy aimed at addressing the multifaceted risks insurtechs face in today’s increasingly complex operating environment.
Designed to mirror the success of Markel’s FintechRisk+ offering, InsurtechRisk+ also provides insureds with a suite of value-added services at no additional cost. These include 24/7 business, legal, and employment advice, research and development tax advisory, debt recovery support, grant and funding assistance, contract reviews, and a cyber risk toolkit—all available throughout the policy period.
According to Nick Rugg, Head of Fintech and Investment Management Insurance at Markel, these services are a vital part of the company’s mission to offer not just coverage, but holistic support to its clients. “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,” said Rugg. “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 also pointed to the increasing sophistication of cyber threats as a core driver for developing the new product. “The cyber risk landscape has evolved since we launched our first Insurtech policy, with the emergence of more advanced attacks from threat actors utilizing AI tools and technology to infiltrate company networks, impersonate senior personnel, and steal confidential data and funds,” he explained. “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 and fintech insureds, backed by an award-winning claims team.”
With InsurtechRisk+, Markel continues to strengthen its position as a provider of innovative and responsive insurance solutions for emerging sectors. By combining robust coverage with proactive risk management tools, the company aims to redefine the insurer-insured relationship and better support the evolving needs of technology-driven insurance businesses worldwide.
