Business
Markel launches first-of-its-kind affirmative cyber product for collateral war cover
Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today launched an innovative, specialist cyber product to provide up to US$5 million of cover per risk for indirect losses arising from an act of war.
About this update from Markel Group Inc.
[{"type":"text","content":"LONDON, May 13, 2025 /PRNewswire/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today launched an innovative, specialist cyber product to provide up to US$5 million of cover per risk for indirect losses arising from an act of war.","length":272,"tagName":"p"},{"type":"image","alt":"Markel logo (PRNewsfoto/Markel)","displaySize":"","headline":null,"caption":"Markel logo (PRNewsfoto/Markel)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":299,"url":"https://media.zenfs.com/en/prnewswire.com/9d5210bf6cab8c4b8cf2dae67a93a913"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/VhMgcaWhB3J6pMB4i1vhBw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTUyNztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/9d5210bf6cab8c4b8cf2dae67a93a913","width":400,"height":299}},"href":"https://mma.prnewswire.com/media/2090808/Markel_primary_logo_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Cyber risks are a significant concern for large organisations, particularly those in sectors including critical infrastructure, technology, finance and energy. Although full-scale cyber warfare events remain relatively rare, state-sponsored and geopolitically motivated cyber threats continue to increase in frequency and severity1. State-sponsored cyber-attacks accounted for 35% of all breaches in 20242, with multinationals often being the targets or suffering collateral damage.","length":482,"tagName":"p"},{"type":"text","content":"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.","length":326,"tagName":"p"},{"type":"text","content":"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...