Markel expands into Australia with specialised coverages

The new professional indemnity products cover six professional areas.

Markel, the insurance arm of Markel Group, has announced the launch of professional indemnity solutions in Australia, featuring localised wordings tailored to serve a wide range of professions.

Since establishing offices in Sydney, Melbourne, and Brisbane in September 2023, along with the appointment of an experienced underwriting and claims team, Markel is now introducing its first products with localized wordings to cater to the Australian market.

Identifying a significant opportunity within its International Wholesale business, Markel aims to address the increasing demand for professional and financial risks (PFR) insurance solutions in Australia, prompted by a reduction in capacity in recent years. 

ALSO READ: Markel names ex-Swiss Re head of casualty as its Asia chief of underwriting

Markel's new professional indemnity products are primarily designed for Australian-domiciled businesses, covering six professional areas: accounting, construction, design and construction, insurance, media, and miscellaneous.

The company plans to continue investing in its professional and financial risks underwriting team, aiming to become a strategic and long-term insurance partner for brokers and clients in Australia.