Markel Insurance, part of Markel Group, has launched a “specialist” cyber insurance product designed to cover indirect losses resulting from acts of war.

The new offering, developed by Markel International's London-based cyber team, aims to provide a safety net for large corporate clients against collateral damage caused by war-related cyber activities.

The product is a “wrap-around” solution, intended to complement existing cyber insurance policies, whether underwritten by Markel or other insurers.

Markel has allocated a fixed aggregate limit specifically for this new product, which it will offer directly under its own brand, backed by its legal and financial resources.

The company has announced an initial coverage limit of up to $5m per risk for this cyber insurance solution.

If new war exclusions are stricter, Markel can replace coverage lost from the insured’s prior policy, the company said in a statement.

Markel International cyber director Chris Burgess said: "With this new product, Markel is responding to the changing needs of our clients. We are conscious that some larger clients still want cyber cover for the indirect impact of war, and this product is a step toward helping provide them with a priced-for insurance policy that explicitly covers this particular risk.

"While we are initially beginning with a low limit, today's announcement is a step in the right direction towards providing a market-wide solution for these highly prevalent risks. We hope that providing clients with this cover will help give them the confidence and assurance that their needs are being heard and responded to."

This development follows Markel Insurance's launch of a clinical trials insurance product earlier this month.

"Markel unveils specialist cyber cover for collateral losses in war " was originally created and published by Life Insurance International, a GlobalData owned brand.

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