Markel brings fintech insurance policy to Singapore

Broad-coverage insurance product targets firms in premier Asian fintech hub

Markel brings fintech insurance policy to Singapore

Insurance News

By Gabriel Olano

Markel has released a new insurance policy that provides comprehensive coverage to businesses in Singapore’s financial technology (fintech) sector.

The product, which has a maximum policy limit of US$10 million, has now arrived in Asia after it was successfully launched in the UK early last year.

As Singapore emerges as a premier fintech hub in the Asia-Pacific region, fintech startups’ demand for protection also rises. Markel’s new offering comes with three additional optional covers on top of the core professional indemnity section, in order to better protect clients against their key exposures.

These three optional covers are:
  1. Directors’ and officers’ (D&O) liability cover, which protects against claims of mismanagement, which could be raised by the companies’ shareholders, employees, creditors, or regulators.
  2. Theft cover, which insures against theft of money or other financial instruments through electronic and non-electronic means, including extortion. It also includes covering the cost of repairing and upgrading computer systems after a theft
  3. Cyber liability and loss cover, which will cover expenses associated with a network security incident, such as hacking, denial of service attack, or computer viruses, and will also cover business interruption costs.

Simon Moi, senior underwriter and head of professional and financial risks at Markel International Singapore, will be in charge of the team that will write the new policy.

“Our focus is to provide a broad coverage, and so, we have modelled our policy to be packaged together in a single cover so that it is more holistically beneficial to our customers,” commented Moi. “And this is the first time these protections are offered in this manner.”

He also added that a team of experts is available 24/7 to help policyholders manage, investigate, resolve and recover from both electronic and non-electronic security incidents.

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