Markel Insurance has launched its FintechRisk+ product in Australia, offering a modular financial and technology liability policy for local fintech companies. The launch follows earlier rollouts of Markel’s modular fintech cover in London, starting in 2016, and subsequent introductions in Europe, Canada, and Asia.
In Australia, FintechRisk+ is directed at medium to large-sized fintech companies and is overseen by senior Professional and Financial Risks (PFR) underwriters Daisy Galvin and Lan Pham. The policy is arranged as a modular package with four components:
Read next: Most financial institutions now use AI, survey finds
The cover is intended for fintechs active in areas such as lending, payments, wealth, and platform-based services, where exposures can include professional liability, governance, crime, and cyber risk. Galvin said Markel sees demand for a locally underwritten policy that fits within the insurer’s broader financial and professional risks portfolio. “Australia is one of the fastest growing fintech ecosystems globally and we see a significant opportunity to support these firms with a cost-effective solution backed by a specialist local underwriting and claims team,” Galvin said.
Galvin identified the integrated cyber component as a central element of the product. “A stand-out feature in the FintechRisk+ policy is the incorporated cyber insurance, which also gives clients access to our network of established and comprehensive cyber breach response providers, available through a 24/7 helpline, to support clients around the clock. Our partners can help clients prepare, respond to, and manage cyber incidents while strengthening their overall cyber capabilities,” Galvin said.
The Australian rollout coincides with the 10-year mark since Markel first introduced a modular fintech policy in London. Over that period, the insurer says the policy has evolved and is now available in several regions. In Asia, Markel’s fintech portfolio has grown more than tenfold over seven years and now includes about 80 clients. Kym Beazleigh, head of professional and financial risks – Australia, said the introduction of FintechRisk+ is part of a broader build-out of financial institutions products in the local market. “The launch of FintechRisk+ in Australia is the next step of our Financial Institutions product rollout and demonstrates Markel’s ongoing commitment to the Australian market. With strong foundations in the London, European, Asian, and Canadian markets, combined with two locally empowered experts in Daisy and Lan, the FintechRisk+ policy is another example of how we’re bringing the best of Markel to Australia,” Beazleigh said.
Australia’s fintech sector comprises a little over 800 independent, Australian-owned businesses and is projected to generate significant revenue over the next decade. Its size and use of technology place it among the larger fintech markets globally. That footprint, along with ongoing regulatory developments and reliance on data and digital infrastructure, is contributing to demand for professional, management liability, and cyber cover that reflects fintech operating models.
The product launch comes as the Australian fintech ecosystem continues to adjust following a period of rapid growth and more recent consolidation. KPMG’s 2025 review of the local market identified 801 independent fintech companies in 2025, a 2% decline from 2024 and part of a multi-year trend of rationalisation. According to KPMG, investment levels in 2025 fell to lows not seen since 2020, amid macroeconomic and geopolitical uncertainty, reduced risk appetite, and a challenging capital-raising environment, particularly for earlier-stage and scale-up firms.
Mergers and acquisitions also contributed to a reduction in standalone entities as larger players acquired competitors and some businesses exited the market. The same review noted that the pace of decline had slowed compared with previous years, with indications that the ecosystem may be moving toward a more stable size. Investors were reported to be placing greater weight on business fundamentals, regulatory alignment, and scalable technology rather than prioritising rapid expansion.
These conditions are shaping how fintech risk is evaluated and placed. Consolidation and the pursuit of scale can increase attention on D&O liability and professional indemnity, while more detailed regulatory oversight and resilience expectations bring governance, conduct, and operational risks into sharper focus. Growth in regtech and middle- and back-office technology providers, as well as wider use of artificial intelligence to support financial processes, is broadening the range of technology and data exposures. Cyber incidents, response planning, and financial crime remain key issues for both licensed institutions and the fintech firms that supply or distribute financial services.
In this setting, a combined policy that brings together financial services liability, D&O, theft, and cyber is likely to be assessed on how it aligns with current regulatory requirements, supports incident management arrangements, and fits within brokers’ program structures for fintech, financial institution, and technology clients. As monetary policy eases and funding conditions potentially stabilise, market participants expect investors to remain selective, with a preference for fintechs that can demonstrate clear regulatory pathways and durable operating models. For insurers active in professional and financial lines, including cyber, this environment is expected to maintain demand for products and claims capabilities that address intersecting financial, governance, and technology risks in the Australian fintech sector. Markel’s FintechRisk+ launch adds another insurance option in this segment as global and local carriers operate in a market shifting from rapid expansion toward greater emphasis on capital discipline, regulatory oversight, and risk management.
