Markel Introduces Tailored Professional Indemnity Insurance Solutions in Australia
Addressing Growing Demand with Localised Coverage
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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. He noted that over the past five years, significant pricing and coverage remediation in the Australian PI market have affected companies across sectors, including construction, engineering, energy, and professional services. In response, Markel is investing in supporting complex and evolving sectors, such as renewable energy, by leveraging global expertise to address industry exposures like grid connection, weather risks, and emerging technologies.
Markel's combination of local insurance solutions, underwriting empowerment, and the ability to leverage global expertise positions the company as a strategic and long-term insurance partner for brokers and clients in the Australian market.
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