The conditions for the existence of modern banks and other financial institutions in Ukraine, as well as other countries, have tightened today: it is difficult to predict the development of the market and the global economy. In addition, in difficult economic conditions, the risks of losses due to fraudulent actions of personnel, computer crimes and thefts during the transportation and storage of valuables have increased. That is why the risk management policy in the vast majority of financial institutions is based on the application of the comprehensive banking insurance program.
The comprehensive banking insurance policy protects against risks in three main areas:
- Banker's Blanket Bond (BBB);
- Electronic and Computer Crime Insurance (ECC);
- Professional Indemnity Insurance (PI).
The frequency of the use of fraudulent schemes in issuing loans and other transactions performed by bank employees has increased significantly recently, and the amount of theft has also increased. The BBB policy will allow you to compensate for losses, including from the loss of values at the cash desks and vaults of banks, as well as during their transportation. A financial institution is faced with such risks in its operations on a daily basis.
Insurance companies also take responsibility for losses incurred by a banking institution as a result of hacker attacks or IT crimes. Such crimes are particularly frequent with the development of market relations on the Internet and relate to the theft of both the actual assets of the bank or its customers, and confidential information.
The ECC category in the framework of the comprehensive banking insurance program is used to cover losses that arise due to:
- fulfillment of falsified orders for transferring funds upon gaining access to a computer system of a bank or a system of communication with customers;
- illegal modification, copying or deletion of commercial and other data;
- computer viruses, etc.
A comprehensive bank risk insurance program may also include professional liability (PI) coverage, that is, compensation for losses of customers and counterparties in the event of errors or negligence of bank employees for which the bank is legally liable.
Advantages of Working with Aon
Aon supports the creation of insurance programmes that cover the full range of risks that financial institutions are facing.
Our team in Ukraine and London consists of 10 specialists, and they are ready to provide advice as soon as possible.
Highly qualified specialists in the settlement of insurance cases provide support to clients at all stages of claim processing.