Markel Canada has introduced a new storage‑tank liability (STL) product on its digital platform, Markel Connect. The coverage protects businesses that operate above‑ground or underground storage tanks from third‑party claims related to environmental hazards, bodily injury, property damage, cleanup costs, fines, and crisis‑management expenses. Limits range from CAD$1 million to CAD$5 million, with a starting premium of CAD$500 for a CAD$1 million limit.
The product is fully integrated into Markel Connect, allowing brokers to quote, bind, and issue policies 24 hours a day, seven days a week. Instant decline notifications and rapid referral turnaround streamline the underwriting process, while the absence of policy fees and a 25 percent commission make the offering highly broker‑friendly. The digital workflow reduces manual paperwork and speeds time to coverage, supporting Markel’s goal of expanding its digital distribution footprint.
The Canadian storage‑tank liability market is expanding, driven by stricter environmental regulations and heightened corporate responsibility. While the exact market size is not publicly disclosed, industry estimates suggest a multi‑billion‑dollar opportunity that is growing annually. The new product is not yet available in Quebec, where regulatory approvals are pending, but will be launched there once the necessary approvals are secured.
Other insurers in Canada, such as Wawanesa and Intact, offer comparable storage‑tank liability coverage. Markel’s offering differentiates itself through its fully digital platform, broker‑centric commission structure, and zero policy fees, giving brokers a competitive advantage in pricing and speed of service.
Markel Canada’s launch expands its presence in the specialty insurance market and reinforces its digital strategy. Sarah Martin, Vice President of Environmental Liability, said the product responds to the evolving needs of Canadian businesses and brokers. Sachin Rustagi, Head of Digital, highlighted that Markel Connect is built to empower brokers with fast, efficient, and tailored solutions.
The launch comes on the back of strong financial performance from the parent company. In Q3 2025, Markel Group reported operating revenues up 7 percent year‑over‑year to $3.93 billion and adjusted operating income up 24 percent to $621 million, with the insurance combined ratio improving to 93 percent. In Q2 2025, the company posted earnings per share of $49.67 and revenue of $4.6 billion, underscoring the resilience of its core underwriting and investment businesses. The new product is positioned to contribute to future growth and deepen broker relationships in a market that is both sizable and expanding.
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