Nine out of ten banks have financial institution bond, directors’ and officers’ liability, automobile insurance and umbrella liability policies, according to findings from ABA’s 2017 Bank Insurance Survey Report released this week. At least 80 percent of bankers noted having cybersecurity and privacy, general liability, property insurance, fiduciary liability, employment practices liability, workers compensation, mortgage impairment and bankers’ professional liability policies.
Respondents said they anticipate premiums to increase for the following policies: cybersecurity and privacy, workers compensation, trust department errors and omissions and excess of bond. Organic growth was cited as the main reason for higher anticipated insurance costs, along with completed mergers or acquisitions, higher prices and the need for broader or additional coverage.
The full survey report – which is available for purchase – contains more than 90 tables that provide a comprehensive overview of banks’ corporate insurance coverage. Data is summarized by asset-size, and offers bank executives access to segmented, actionable information about insurance coverage, risk management and budgeting for their institutions.