UK-headquartered property and specialty re/insurer IQUW has launched its financial institution (FI) product, FortiFI, in the Australian market, enhancing its offerings with a new coverage format tailored to local regulatory and risk landscapes.
The product, initially launched in the US in early 2024, incorporates cyber risk protection as part of a broader suite of coverage for financial institutions, now customised for the Australian market.
Commenting on the expansion into Australia, Tristram Prior, IQUW’s financial institutions lead underwriter, explained that Australia represents the company’s second-largest jurisdiction after the US, with a strong client base among small-to-mid-sized firms.
“Australia is our second-largest jurisdiction after the US, and we have a significant small to mid-market client base in Australia which we think would benefit from our market-leading risk management offering,” he said.
He noted a recent McAfee survey that underscored the urgency of such coverage, with 71% of Australian small businesses viewing cyber threats as a primary risk. This demand aligns with regulatory focus areas, as Australia’s financial regulators are increasingly emphasising risks associated with digital technologies and the broader impacts of sustainable finance.
IQUW’s FortiFI policy has options specifically designed for private financial institutions, including non-bank lenders, fintech firms, brokers, mortgage services, and wealth management firms.
The Australian wording covers management liability, professional liability, crime, cyber, employment liability, business interruption, loss mitigation, rectification, and statutory liability.
Prior said the company sees the product as a crucial addition to the Australian market.
“In a changing landscape, it is crucial to adapt and innovate when faced with emerging risks, and we remain committed to providing flexible and creative solutions for our client’s evolving exposures,” he added.
Tilly Milnes, IQUW’s senior claims handler, emphasised the company’s focus on a streamlined claims experience.
“The Australian Securities & Investments Commission’s (ASIC) latest annual report has revealed that its enforcement actions resulted in 130 new investigations against Australian businesses which has led to increased exposure for insureds,” she said.
She added: “IQUW’s experienced, legally-qualified claims team oversee both the FI and cyber portfolios, providing clients with the benefit of a seamless and consistent claims experience which is vitally important as claims develop.”
