Markel Insurance, a division of Markel Group Inc. (NYSE:MKL), has launched a first-of-its-kind cyber insurance product offering up to $5 million in coverage for indirect losses caused by acts of war. This innovative solution addresses a critical gap in traditional cyber policies, targeting large organizations in high-risk sectors.
Markel launches unique cyber product covering war-related collateral damage.
Offers up to $5 million per risk for indirect losses from acts of war.
Targets critical infrastructure, technology, finance, and energy sectors.
Wrap-around solution for existing cyber insurance policies.
Addresses 35% of 2024 breaches linked to state-sponsored attacks.
Developed by Markel International’s London-based cyber team.
Cyber risks are escalating, particularly for large organizations in critical infrastructure, technology, finance, and energy sectors. State-sponsored cyber-attacks, which accounted for 35% of all breaches in 2024, are increasing in frequency and severity, often impacting multinationals through collateral damage. Markel’s new cyber insurance product, developed by its London-based cyber team, provides coverage for indirect losses arising from acts of war, a peril typically excluded in standard cyber policies. This solution ensures businesses can mitigate financial risks from geopolitically motivated cyber threats.
Designed as a wrap-around product, Markel’s offering complements existing cyber insurance policies, whether issued by Markel or other insurers. It reinstates coverage for war-related losses when existing policies adopt more restrictive exclusions, such as moving from Type 4 war exclusions to stricter terms. With a dedicated aggregate limit and a cap of $5 million per risk, Markel provides a tailored solution backed by its own legal and financial resources, ensuring reliability for corporate clients.
Markel’s cyber product responds to the evolving needs of large corporate clients seeking comprehensive protection against war-related cyber risks. “With this new product, Markel is responding to the changing needs of our clients,” said Chris Burgess, Director of Cyber at Markel International. The initial $5 million limit marks a strategic step toward a market-wide solution, offering clients confidence that their exposure to state-sponsored cyber threats is addressed through a priced-for policy.
Markel’s launch enhances its competitive stance in the cyber insurance market, addressing a coverage void amid rising geopolitical tensions. By offering affirmative cyber coverage for war-related collateral damage, Markel caters to multinationals facing increasing state-sponsored threats. The product aligns with Markel’s broader commitment to innovative solutions, as seen in its recent FintechRisk+ policy for fintech firms, reinforcing its role as a leader in specialty insurance.
Markel’s pioneering cyber insurance product fills a critical gap in the market, providing large organizations with targeted protection against war-related cyber losses. As state-sponsored cyber threats grow, this solution offers a strategic tool for businesses to safeguard their operations, backed by Markel’s expertise and financial strength.
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc, we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
TechIntelPro empowers B2B technology decision-makers with the latest industry trends, deep insights, leadership perspectives and actionable intelligence to drive both organizational and professional milestones—and thrive on the tech pulse.