FortiFI is tailored for private, small-to-mid-market financial institutions. Credit: IQUW.

IQUW has introduced its financial institutions (FI) product, FortiFI, with new wording tailored for the Australian insurance market.

The move follows the US launch earlier this year, making FortiFI one of the few comprehensive end-to-end FI offerings to include integrated cyber coverage.

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The new wording will adapt IQUW’s existing FortiFI offering from the US for the Australian market.

It will provide territory-specific coverage in Australia, encompassing management liability, professional liability, crime, cyber, employment liability, and extensions for business interruption, loss mitigation, rectification and statutory liability.

IQUW financial institutions lead underwriter Tristram Prior said: “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.”

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FortiFI is designed to meet the specific needs of private, small-to-mid-market financial institutions.

This includes a wide range of businesses from non-bank commercial and consumer lenders to corporate advisory companies, financial technology companies, insurers, mortgage companies, stockbrokers and wealth management services.

IQUW senior claims handler Tilly Milnes said: “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 oversees 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.”