Markel introduces FintechRisk+ insurance policy for fintech sector

Markel has launched its new FintechRisk+ insurance policy, designed specifically for fintech companies dealing with complex risks.

The FintechRisk+ policy offers a range of protections for fintech businesses, including coverage for financial services and technology liability, directors and officers (D&O) liability, theft, and cyber threats. It caters to both UK and international fintech companies, providing coverage limits of up to $20 million

The FintechRisk+ policy has been upgraded to include extended coverage for business interruptions and several new protections against cyber risks. These additions cover new threats like system improvements after an attack, crypto jacking, reward coverage, and telecom fraud. These enhancements give fintech companies more options to handle and reduce potential risks.

“Risks in the cyber and fintech markets have evolved rapidly since the inception of our original Fintech policy eight years ago. The pervasive issue of ransomware poses a significant problem for day-to-day cyber security where threat actors have netted millions in ransom payments from businesses who have fallen victim to their attacks.”

We believe that it’s more important than ever, businesses have insurance providers who not only deploy capacity, but also act as trusted, long-term risk management partners when it comes to the identification and mitigation of risk. That’s why we’ve been actively looking at ways to enhance our offering to fintech companies by providing both enhanced insurance coverage, as well as value-add services for our insureds, backed by Markel’s award-winning claims service and best-in-class underwriting.” –  Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel.