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Markel launches first-of-its-kind affirmative cyber product for collateral war cover
The new product, developed by Markel International's London -based cyber team, provides cyber cover for collateral damage caused by acts of war, in other words losses arising from the indirect impact on an Insured from a war (whether declared or not). Cover for this peril is typically excluded in cyber insurance policies.
The new solution has been developed as a wrap-around product for large corporate clients with existing (Markel or non-Markel) cyber insurance policies. If the insured's existing policy is less restrictive on war (such as Type 4 war exclusions) and this is now moving to a more restrictive war exclusion that is not to the client's preference, then this Markel product could provide the insured with an option to insure some or all of that lost coverage.
Markel has ring-fenced a fixed amount of aggregate limit for this specific product, which it will be offering under its own name, using its own legal and financial backing. It will initially be offering a limit of up to US$5 million per risk.
Chris Burgess , Director of Cyber at Markel International, commented: "With this new product, Markel is responding to the changing needs of our clients. We're conscious that some larger clients still want cyber cover for the indirect impact of war, and this product is a step toward helping provide them with a priced-for insurance policy that explicitly covers this particular risk.
"While we're initially beginning with a low limit, today's announcement is a step in the right direction towards providing a market-wide solution for these highly prevalent risks. We hope that providing clients with this cover will help give them the confidence and assurance that their needs are being heard and responded to."
World Economic Forum. . January 2025
Bright Defense. . April 2025 .
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