Financial Institutions Insurance

Financial institutions play a crucial role in the Australian economy, providing essential services to individuals, businesses and the government. However, operating in a highly regulated and complex environment, these institutions face numerous risks that can impact their business performance. To mitigate these risks, financial institutions rely on insurance and consulting services tailored to their unique needs.

Gallagher's industry experts have a deep understanding of the risks faced by financial institutions including credit risk, market risk, operational risk and regulatory risk. These risks can arise from factors such as economic downturns, changes in interest rates, cyber threats, compliance breaches and reputational damage. To effectively manage these risks, we can help with specialised insurance and consulting services that provide comprehensive coverage and strategic guidance.

Industry experience and global expertise

Insurance and consulting services are essential for financial institutions to maintain stability and achieve sustainable growth. By providing comprehensive insurance coverage, financial institutions can protect their assets, directors and officers from potential liabilities, ensuring business continuity and safeguarding their reputation. Additionally, consulting services enable financial institutions to navigate regulatory complexities, enhance risk management practices and improve operational efficiency.

We can offer a range of insurance solutions tailored to the specific needs of financial institutions, including:

• Investment Managers Insurance (IMI)
• Cyber liability
• Directors and officers (D&O) liability
• Professional indemnity
• Employment practices liability
• Crime Insurance
• Property and casualty
• General liability

Tailored solutions and data-driven insights

We leverage our global network, benchmarking and thought leadership to understand how current trends, regulatory changes and threats can be averted, so you can focus on your institution and your customers. We support you with specialised loss control programs, claims advocacy and a network of expertise that includes:

• Cyber risk due diligence — an in-depth analysis to assess your cyber risk profile and establish priorities to lower your reputational and cyber risks.
• Benchmarking analysis — leveraging our best-in-class data and analytics tools we can illustrate how your coverage compares against your peers.
• Climate and sustainability risk assessment — we can help clients identify and understand potential ESG-related risks.
• Claims advocacy — our claims advocacy team leverages their relationships with carriers for more efficient claims management.