IQUW expands FortiFI coverage to the Australian market with new territory-specific wording

Re/insurance provider IQUW has announced that its Financial Institutions (FI) product, FortiFI, will introduce updated policy terms tailored for the Australian market by the end of October 2024.

Originally launched in the US earlier this year, FortiFI is among the few comprehensive FI solutions available that includes integrated Cyber coverage.

This new wording will expand IQUW’s current FortiFI product offerings from the US into Australia.

Tristram Prior, IQUW’s Financial Institutions Lead Underwriter, added: “After our successful launch of FortiFI in the US, our bespoke FI wording will help Australian clients better manage their exposures.

“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.

“A recent survey by McAfee revealed that 71% of Australian small businesses view cyber-attacks as a major risk, and with regulators openly focussing on emerging digital technologies, sustainable finance, and associated risks, there is an increasing need for a blended financial institutions product, which includes cyber security coverage.”

“Given our lead capabilities in both FI and Cyber, IQUW is uniquely positioned to bring this new, combined wording to the Australia market,” further added Prior.

“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.”

In Australia, FortiFI will provide territory-specific coverage, including Management Liability, Professional Liability, Crime, Cyber, Employment Liability, as well as additional protections for Business Interruption, Loss Mitigation, Rectification, and Statutory Liability.

Tilly Milnes, IQUW’s Senior Claims Handler, who was integral to the creation of the new wording, commented: “The Australian Securities & Investments Commission’s 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.

“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.”

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