Financial institutions are exposed to a myriad of risks which, at their extreme, could jeopardise their survival. Wrong advice or insufficient risk disclosures in financial product sales materials can result in compounding losses. The most important policies in this area primarily revolve around financial lines, which encompass nearly all insurable risks for banks. We provide comprehensive insurance solutions to financial institutions, including banks and insurance companies, to mitigate the myriad of risks they face, which could have immense repercussions for their balance sheet.
Since 2014, specialists from our Financial Institutions Practice Group have been taking care of clients from the financial business sector. To date, over 100 companies have placed their trust in this speciality.
We provide comprehensive support to our clients. This entails more than just focusing on specific insurance products; we also serve as partners and advisors for all insurance needs, connecting you with dedicated specialists.
We know your industry inside out and offer personalised solutions to mitigate new and existing risks including:
Crime insurance – Perhaps one of the most important financial lines for banks, it protects against damage wilfully caused by employees or third parties.
Errors and omissions insurance (E&O) – a damage liability insurance that covers property damage suffered by bank clients because of wrong advice or other errors caused by employees.
Directors’ and officers’ liability insurance (D&O) covers management errors (e.g., organisational/monitoring errors) that lead to financial losses for third parties or the bank itself.
Cyber insurance – Cyber risks are becoming increasingly sophisticated. Phishing, pharming, or other attacks on an online banking system may harm many bank customers and lead to major financial loss.
Criminal law protection policy – 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 people, as well as the financial institution, can easily find themselves involved in judicial or administrative criminal proceedings.
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.
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Brian Alexander
Group Practice Leader Financial Institutions
T +43 664 962 39 17