PriyaPatel
TLDR:
- Sompo Holdings launches new technology insurance coverage for mid-market clients in the UK
- Product includes property, casualty, professional indemnity, and cyber coverage
Japan-based global insurance group Sompo Holdings has introduced a new technology insurance offering targeted at middle market clients in the UK. The coverage includes property, casualty, professional indemnity (PI), and cyber insurance. Sompo’s new product can provide excess PI and cyber coverage separately, offering comprehensive protection for technology and telecoms service providers, electronic product manufacturers, and assemblers. The company’s move to expand its UK commercial property and casualty insurance business in 2023 demonstrates its commitment to innovation and providing solutions for managing complex risks in the fast-paced technology sector.
The launch of the technology product aligns with Sompo’s goal to establish itself as a key player in the technology industry, offering extensive coverage with minimal limitations. Bob Thaker, Sompo UK CEO, highlighted the importance of developing solutions that enable clients to navigate the challenges of today’s rapidly evolving technology landscape. The new insurance product includes PI wording for intellectual property rights, breach of contract, worldwide PI and cyber cover, and automatic additional insured coverage under PI and public and products liability.
In addition to the technology offering, Sompo International has been focusing on organic growth across Europe, the UK, Canada, and the US, with plans to leverage global opportunities for expansion and margin improvement. The insurer has secured a license to write primary insurance in France and is exploring new initiatives, talent acquisitions, and potential mergers and acquisitions to drive overseas growth.
With the introduction of the new technology insurance coverage and the strategic expansion initiatives, Sompo is positioning itself as a key player in the competitive insurance market, providing tailored solutions for mid-market technology clients in the UK and beyond.
