US specialty insurer Markel has launched professional indemnity products with wordings tailored to the Australian market.

The products are aimed at six professional areas: accounting, construction, design and construct, insurance, media, and miscellaneous.

Markel says it sees growing demand for professional and financial risk insurance in Australia due to a reduction in capacity in recent years.

“Over the past five years, we have seen significant pricing and coverage remediation in the Australian professional indemnity market, affecting companies across sectors including construction, engineering, energy and professional services,” Head of Professional and Financial Risks Australia Kym Beazleigh said. “In response, Markel is building a diversified and sustainable portfolio across a variety of professions.”

He says the business has the expertise to invest in complex and evolving sectors that others have shied away from.

“One such area is renewable energy, where we will draw on the global renewables expertise within Markel. This market has historically been underserviced but continues to be a critical industry in Australia’s push towards reduced carbon emissions,” Mr Beazleigh said.

“With a better understanding of industry exposures including grid connection, weather risks and emerging technologies, we’re seeing clients adapting their strategies and improving their risk profiles in this space. 

“We are truly excited by the combination of local insurance solutions, underwriting empowerment, and the ability to leverage Markel’s global expertise in the Australian market.”

He says the business will continue investing in its professional and financial risks underwriting team, “with a view to being a strategic and long-term insurance partner for our brokers and clients”.

Markel opened offices in Brisbane, Sydney and Melbourne last September to support its entry into the Australian market.