Markel Introduces Tailored Professional Indemnity Insurance Solutions in Australia
Addressing Growing Demand with Localised Insurance Products
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Markel, the insurance operation within Markel Group Inc., has announced the launch of professional indemnity (PI) insurance solutions in Australia, featuring localised wordings to service a broad range of professions.
This strategic move aims to address the growing demand for professional and financial risks (PFR) insurance solutions in the Australian market.
Following the opening of offices in Sydney, Melbourne, and Brisbane in September 2023, and the appointment of an experienced underwriting and claims team, Markel is introducing its first products with localised wording to the Australian market. The new PI products are designed primarily for Australian-domiciled businesses, with wordings covering six professional areas: accounting, construction, design and construct, insurance, media, and miscellaneous.
Kym Beazleigh, Head of Professional and Financial Risks Australia at Markel, highlighted the company's commitment to building a diversified and sustainable portfolio across various professions. Over the past five years, the Australian PI market has experienced significant pricing and coverage remediation, affecting sectors including construction, engineering, energy, and professional services. In response, Markel aims to support complex and evolving sectors, such as renewable energy, by leveraging its global expertise.
With a better understanding of industry exposures, including grid connection, weather risks, and emerging technologies, Markel is positioning itself as a strategic and long-term insurance partner for brokers and clients in Australia.
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