Financial Institutions

Financial institutions are exposed to numerous risks which, in the worst-case scenario, may threaten their very existence. Wrong advice or inadequate risk warnings in sales brochures for financial products can lead to cumulative losses and affect many clients. The most important policies in this area concern financial lines. They also involve the majority of insurable risks for banks. Losses in this area can have immense repercussions for the balance sheet.

Understanding Your Risks

Since 2014, specialists from our Financial Institutions Practice Group have been taking care of clients from the financial business sector – banks, insurance companies and financial institutions. To date, over 100 companies have placed their trust in this speciality.

In our specialisation, we try to support our clients holistically. For us, this means that we do not only concentrate on individual insurance lines but are also available as partners and advisors in all insurance areas and will connect you with these dedicated specialists.

Providing Tailored Solutions

One of the most important financial lines of insurance for banks is CRIME insurance. It protects banks against damage wilfully caused by employees or third parties.
The errors and omissions insurance (E&O) is a property damage liability insurance that covers property damage suffered by bank clients as a result of wrong advice or other errors caused by employees.
The directors’ and officers’ liability insurance (D&O) is equally important. It covers management errors (e.g. organisational/monitoring errors) that lead to financial losses for third parties or the bank itself.
Nowadays, financial institutions are increasingly exposed to cyber risks. Phishing, pharming or other attacks on an online banking system may harm many bank customers and lead to major financial loss. Even though this risk can be covered within the existing financial lines cover, we offer additional cyber insurance.
Constant changes to regulations, IT developments and new requirements make it increasingly difficult for banks and insurance companies to meet requirements on time. The responsible persons, as well as the financial institution, can easily find themselves involved in judicial or administrative criminal proceedings. That is why we offer an additional criminal law protection policy.

Creating Added Value

We help finance and transfer your risks, as well as fulfil regulatory requirements in some areas. Our technical expertise and analytical capabilities create additional value for Financial Institutions. We constantly monitor developments in the insurance market and make clients aware of any future implications. As (re)insurance brokers, we unlock the local, regional, international and global insurance markets to accommodate for the appropriate coverage.

Brian Alexander

Group Practice Leader Financial Institutions

T +43 5 04 04 342

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