Scott will head up the new unit. He has over 13 years’ insurance experience in the emerging risks space and has exciting plans for the unit.
Markel has a long history of innovation and thought leadership, and our emerging risks unit will build on that position. Plans include the development of new products and the refinement of pre-existing products, such as our specific products targeting intellectual property / patent risks, and media businesses.
We’re busy drafting our first wave of new emerging risk insurance products which we are looking forward to announcing to the broking community later in 2014.
Demand for technology / telecommunications and cyber-related insurance solutions is at an all-time high, so our first two products will target exactly these spaces – a liability product for technology and telecommunications companies and a standalone cyber product for any type of company which relies upon technology to conduct day-to-day business operations.
Our cyber product will build on the successful momentum of our Privacy, Data-Breach, Electronic Risk (PDE) module launched during 2013 – available to add to Markel’s more traditional PI policies, providing specific cover against these risks. Elsewhere in this newsletter, you can read more about cyber exposures for more traditional professions and why we at Markel believe that products like the PDE module are more important than ever before.
Remember, we’re already ‘open for business’ and we are actively welcoming risks not requiring a proprietary wording, such as co-insurance, reinsurance or excess layer placements, in advance of the launch of our own proprietary insurance solutions. Do let us know if we can help with anything.
There really has been no better time to appreciate the importance of tailored and specific insurance solutions for emerging risks because not all policies have kept pace with the riot of technological developments over the last 20 years. We are still seeing technology liability products out there containing Y2K exclusions – yes, that emerging risk of 14 years ago! The risks are emerging and evolving fast and we, as insurers, need to keep apace of these developments.
It’s not just the insurance product though; it’s the suite of expertise that we offer as well which is almost as important as the product itself. There really is no point devising innovative and cutting-edge insurance solutions, if the underwriter you are dealing with doesn’t understand the risks or if, at the point of making a claim, the insurer has no expertise, industry or legislative knowledge to help the policyholder. Here at Markel, that is very much part of our commitment – not just offering an insurance product but also the pre-requisite expertise to offer best-of-breed services around that product and that means exceptional skills in underwriting, risk management and claims handling.
Beyond the first phase of emerging risk products being developed, we’ll also be looking at a number of other new risk areas, and of course the soon-to-emerge risk areas of the future.
We’ll keep you all fully informed as our emerging risk journey takes shape and look forward to working with you to provide innovative insurance solutions for your clients.
For more information, contact Scott Bailey on: +44 (0)20 7953 6091