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Insurance for Financial Institutions
Risks facing financial institutions are vast and complex, contact us to get protected today.
With great responsibility, comes great risk
Financial institutions such as banks, investment managers, corporate finance advisors and personal financial advisors deal with financial risk as their bread and butter. Your day-to-day job involves handling big sums of money and even bigger expectations of your clients. With such heavy responsibility, managing your own business risks becomes just as important as managing your clients’.
Business risks have grown exponentially as the world goes through rapid globalisation and technological evolution. A small misstep of failing to advise your clients adequately or failing to protect your client’s data may attract huge lawsuits, adversely impacting your balance sheet.
Key risks commonly faced by financial institutions (FIs) today
1. Cybersecurity
Data is now one of the world’s most valuable resources. FIs are subjected to a greater risk of cybercrime given the highly confidential data, trust and financial assets placed with them. From targeted ransomware and hacking, to phishing, malware, email compromise, fraud, data breaches, social engineering and employee error, the threat landscape continues growing in size and complexity.
2. International exposures
FIs are increasingly transacting internationally which opens the door to a variety of often unanticipated risks associated with different local regulations and political environments.
3. Rising claims
People are increasingly aware of their legal rights. We are seeing more claims against financial service providers, as well as their directors and officers, for alleged negligence, error and omission, misrepresentation, and breach of fiduciary duty.
4. Increased regulatory oversight
Regulators continually introduce new laws that will give them more teeth to regulate financial services amid emerging social and technology risks. ESG is one key area with a rise of disputes against FIs.
Discover the protection that FIs need today:
One comprehensive package, everything covered
Different kinds of financial risks - such as directors’ and officers’ liability, professional negligence and commercial crime - require different kinds of policy coverage. However, buying separate policies to protect against these varied risks often lead to substantial costs.
With our expertise, we can arrange for you a comprehensive policy that covers all of the foregoing in one fell swoop. The policy can be tailor made to suit individual financial institution’s needs in the present increasingly volatile and hostile environment.
| Cover | Directors' & Officers' Liability | Professional Indemnity | Crime |
|---|---|---|---|
| Protecting | Past, current and future directors & officers of your company and its subsidiaries Your company or subsidiary that indemnifies the above persons For fund managers, coverage may be extended to fund directors & officers | Your company Your subsidiaries Employees of your company and subsidiaries | Your company Your subsidiaries |
| From | Claims against and regulatory investigations into an individual in respect of acts committed in the capacity of a director | Claims against and regulatory investigations into an entity or an employee in respect of the delivery of professional services | Employee fraud, loss of property, third party fraud or computer fraud, including social engineering attacks, against an entity |
| By paying | Damages, settlements and defence costs Regulatory investigation costs Civil fines and penalties where insurable by law | Financial loss Legal fees and expenses | Financial loss Legal fees and expenses |
Why work with Howden?
Our financial lines experts provide strategic advice and optimal solutions to clients across industries, whether listed or privately held. We have experienced brokers with strong backgrounds in the corporate sector, and multi-faceted expertise across commercial litigation, insurance underwriting and claims, loss adjusting and technology consulting.
With a team comprising seasoned lawyers and skilled claims handlers, we also take a proactive approach in supporting and guiding you through any claims process and will advocate relentlessly on your behalf.
Our aim is to become an extension of your team, as trusted advisers providing personal and responsive service throughout.