Markel launches InsurtechRisk+ product for insurtech businesses

Core Insights - Markel Insurance has launched the InsurtechRisk+ product aimed at insurtech businesses, providing coverage with limits up to GBP £10 million across various regions including the UK, Europe, Australia, Asia, and Canada [1] Group 1: Product Features - The InsurtechRisk+ package includes four insuring clauses: insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss cover [1] - Insured clients will have access to value-added services such as 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 [2][3] Group 2: Market Context - The product addresses the evolving cyber risk landscape, which has seen more advanced attacks utilizing AI tools to compromise company networks and steal sensitive information [4] - Markel aims to provide a comprehensive solution that minimizes coverage gaps often found when dealing with multiple insurers, thus allowing clients to focus on business growth [3] Group 3: Strategic Goals - The launch of InsurtechRisk+ is part of Markel's strategy to offer superior coverage and proactive risk management solutions, moving beyond traditional post-loss assistance [5] - The company emphasizes its commitment to tailoring services to meet the specific needs of insurtech businesses, enhancing the role of insurers in risk management [5]