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Markel launches first-of-its-kind affirmative cyber product for collateral war cover
MKLMarkel (MKL) Prnewswire·2025-05-13 08:30

Group 1 - Markel Insurance has launched a new cyber insurance product that provides coverage of up to US5millionforindirectlossesresultingfromactsofwar[1][3][5]−Theproductaddressesthegrowingconcernofcyberrisks,particularlyforlargeorganizationsincriticalsectors,asstate−sponsoredcyberthreatsareincreasinginfrequencyandseverity[2][6]−Thisnewofferingisdesignedasawrap−aroundsolutionforcorporateclientswithexistingcyberinsurancepolicies,allowingthemtocovergapsinwar−relatedexclusions[4][6]Group2−ThenewproductispartofMarkel′sresponsetotheevolvingneedsofclientswhorequirecoveragefortheindirectimpactsofwarontheircyberinsurance[6][7]−Markelhasallocatedafixedaggregatelimitspecificallyforthisproduct,indicatingacommitmenttoaddressingtheseemergingrisksintheinsurancemarket[5][7]−TheinitiallimitofcoverageissetatUS5 million for indirect losses resulting from acts of war [1][3][5] - The product addresses the growing concern of cyber risks, particularly for large organizations in critical sectors, as state-sponsored cyber threats are increasing in frequency and severity [2][6] - This new offering is designed as a wrap-around solution for corporate clients with existing cyber insurance policies, allowing them to cover gaps in war-related exclusions [4][6] Group 2 - The new product is part of Markel's response to the evolving needs of clients who require coverage for the indirect impacts of war on their cyber insurance [6][7] - Markel has allocated a fixed aggregate limit specifically for this product, indicating a commitment to addressing these emerging risks in the insurance market [5][7] - The initial limit of coverage is set at US5 million per risk, with the potential for future expansion based on market demand [5][7]