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 $2.1 billion in 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, 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.
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.