Chubb Introduces Next-Generation Financial Institution Bond Suite
WHITEHOUSE STATION, NJ, May 3, 2022 /PRNewswire/ — Chubb has introduced five new loyalty bonds to modernize its product line of Obligations of financial institutions it started with the introduction of the first of its kind financial institution bond for asset managers. Each bond is designed to address the heightened operational risk faced by financial institutions due to a host of emerging risks as well as regulatory and compliance requirements.
In addition to traditional exposures such as employee dishonesty, financial institutions face increasingly frequent risks including theft of funds caused by unauthorized access to the company’s computer system, funds transfer instructions fraud and social engineering of customers, managers and suppliers. Between January 2014 and October 2019the Internet Crime Complaint Center received complaints totaling over $2.1 billion actual losses from business email compromise scams using two popular cloud-based email services.
“Financial institutions need modernized insurance coverage to address a range of risks associated with sophisticated computer fraud, funds transfer and social engineering schemes,” said Ayo Oshodi, Vice President, Fidelity Product Manager, Chubb North America Financial Lines. “Our new and updated loyalty products address these needs by combining proven loyalty obligation coverage with contemporary coverage to produce a robust financial loyalty insurance solution that complements the management and professional liability program of a financial institution.”
For a complete list of Chubb’s financial institution bond product line and to learn more about each bond’s offerings, visit: www.chubb.com/us/fidelitybonds.
Chubb is the largest publicly traded property and casualty insurance company in the world. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, supplementary accident and health insurance, reinsurance and life insurance to a diverse group of customers. As an underwriting firm, we assess, assume and manage risk with insight and discipline. We process and pay our claims fairly and promptly. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a constituent of the S&P 500 Index. Chubb has executive offices in Zürich, New York, London, Paris and other sites, and employs more than 31,000 people worldwide. Additional information is available at: chubb.com.