Markel Insurance has introduced its FintechRisk+ product to the Australian market, offering a “comprehensive modular policy” for medium to large fintechs.

Coverage includes financial services and technology liability, directors and officers, theft and cyber.

“The launch of FintechRisk+ in Australia is the next step of our financial institutions product rollout and demonstrates Markel’s ongoing commitment to the ... market,” Australian head of professional and financial risks Kym Beazleigh said.

Markel says the product has also been introduced across Europe, Canada and Asia.

In Asia, its fintech portfolio now supports about 80 clients.

Senior professional and financial risks underwriters Daisy Galvin and Lan Pham will oversee the product in Australia, which has more than 800 fintechs operating across 13 subsectors.

“Australia is one of the fastest-growing fintech ecosystems globally and we see a significant opportunity to support these firms with a cost-effective solution backed by a specialist local underwriting and claims team,” Ms Galvin said.