Chubb Introduces Next Generation Suite of Financial Institution Bonds
Chubb has launched five new fidelity bonds as part of its Financial Institution Bonds suite, aimed at addressing the heightened operational risks for financial institutions. These products respond to emerging risks including unauthorized access to computer systems and fraudulent transactions. From January 2014 to October 2019, over $2.1 billion in losses were reported due to Business Email Compromise scams. Chubb's Vice President, Ayo Oshodi, emphasizes the necessity for modernized insurance coverage to combat sophisticated fraud schemes. More details on the bonds can be found on Chubb's website.
- Launch of five new fidelity bonds enhances Chubb's product offerings.
- Addresses increased operational risks faced by financial institutions.
- Response to a reported $2.1 billion in losses from Business Email Compromise scams.
- None.
WHITEHOUSE STATION, N.J., May 3, 2022 /PRNewswire/ -- Chubb has introduced five new fidelity bonds to modernize its product suite of Financial Institution Bonds that began with the introduction of the first-of-its-kind Financial Institution Bond for Asset Managers. Each bond is designed to address the increased operational risk faced by financial institutions from a host of emerging risks as well as regulatory and compliance requirements.
In addition to traditional exposures like employee dishonesty, financial institutions face growingly frequent risks, including the theft of funds caused by an unauthorized access into the firm's computer system, fraudulent funds transfer instructions, and the social engineering of customers, executives, and vendors. Between January 2014 and October 2019, the Internet Crime Complaint Center received complaints totaling more than
"Financial institutions need modernized insurance coverage to address a range of risks associated with sophisticated computer, funds transfer, and social engineering fraud schemes," said Ayo Oshodi, Vice President, Fidelity Product Manager, Chubb North America Financial Lines. "Our new and updated fidelity products address these needs by combining time-tested fidelity bond coverage with contemporary coverage to produce a robust financial fidelity insurance solution that complements a financial institution's management and professional liability program."
For a complete listing of Chubb's Financial Institution Bond product suite and to learn more about each bond's offerings, visit: www.chubb.com/us/fidelitybonds.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad 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 component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 31,000 people worldwide. Additional information can be found at: chubb.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/chubb-introduces-next-generation-suite-of-financial-institution-bonds-301538527.html
SOURCE Chubb
FAQ
What new products has Chubb introduced on May 3, 2022?
How much loss was reported due to Business Email Compromise scams?
What are the main risks that Chubb's new fidelity bonds address?
How can financial institutions benefit from Chubb's new fidelity products?
What is Chubb's stock symbol?
