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Financial Institutions Crime

Safeguard your institution against financial losses caused by criminal events.

Today, the risk of crime for businesses in the financial sector is significant. Cyber and financial criminals are becoming increasingly sophisticated in their methods, and in this volatile financial environment, the aftermath of a criminal event can cause serious damage to an organization.

Our highly experienced team can help you protect your financial institution from the impact of crime with market-leading crime insurance.

What is financial institutions crime insurance?

Financial institutions crime insurance protects your institution against financial losses caused by a broad scope of fraudulent and criminal events such as:

  • Internal crime
  • External ‘hard’ crime, such as loss or damage to property resulting from robbery
  • External ‘soft’ crime, such as fraud and counterfeiting
  • Electronic crime

Crime insurance for financial institutions protects the parent company and all its subsidiaries and investment entities or funds, including those created or acquired during the policy period, as well as customers.

Solutions

We will support you with proprietary market leading coverage solutions, embedding:

Enhanced coverage
with updated language and provisions to address emerging risks and exposures.

Simplified and globally consistent policy language
adapted to reflect local single law requirements and legal exposures.

Improved contract certainty
and coverage applicability (i.e. affirmative cyber).

Dedicated professional teams
in underwriting, claims handling, captive and capital optimization, risk management and compliance.

A global network
that provides specific global services and solutions for financial institutions.

Risks we cover

Our crime insurance products are tailored to address the risks faced by financial institutions such as:

  • Fraud threats relating to new technologies and service diversification
  • Electronic and Cybercrime, including Security breaches of proprietary and customer confidential data
  • Fraudulent impersonation crime
  • Identity theft
  • Extortion threats
  • Losses resulting from criminal or fraudulent acts of employees or any third party
  • Losses resulting from vulnerabilities in specific client relationships, services, and transaction types

Coverage extensions

  • Financial losses directly sustained by the institution
  • Third party damages resulting from criminal acts for which the institution is liable
  • Mitigation and recovery costs
  • Verification and reconstitution costs
  • Defense and legal fees and costs

Who we work with

  • Banks and building societies
  • Insurance and reinsurance companies and brokers
  • Assets and fund managers
  • Investment funds including hedge funds
  • Private equity and venture capital firms
  • FinTech firms
  • Other financial institutions like stockbrokers, clearing houses, exchange platforms and services

Our crime insurance is often combined and blended in a single insurance solution with other financial lines covers like professional liability, directors’ and officers’ liability, employment practices liability, pension trust or fiduciary liability or cyber.

Our team in numbers

  • Direct underwriting teams, product offering and claims handling in over

    33

    countries with a global Financial Institutions portfolio exceeding

    500m USD

  • A spectrum of

    15

    proprietary Financial Institutions-dedicated Financial Lines products completed by additional specific local solutions

  • Ability to manage international programs and issue policies in over

    120

    countries, with over

    1,200

    local financial institutions policies issued in 2022.

Broad captives’ services and solutions, for best optimization of capital with risk transfer

Contact us

Should you have any questions or need further information please reach out to your local Zurich contact or your broker.

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Policy language and conditions may vary and are subject to applicable regulatory and legal requirements
Policy conditions apply and this is not a part of your or any issued insurance contract

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