A safe strategy: insurance programmes for financial services
The financial services market is extremely dynamic. Banks, investment companies, private equity funds and leasing companies are constantly faced with legal and regulatory changes. Furthermore, the financial and strategic areas of the company bring with them a range of risks that cannot only lead to serious financial consequences but also long-term damage to a company’s image.
Increasing digitisation also poses new challenges for financial service providers and raise additional need for cover. This complex risk situation requires a professional partner: As the largest family-run insurance broker and risk consultant in Germany, Funk offers financial service providers a wealth of industry knowledge and market transparency on the insurance market.
The best recommendation: a strong partner in a restrictive insurance market
One of the effects of the financial crisis has been increasing market regulation for banks and issuing houses. For example, the investment industry was fundamentally restructured in Germany when the German Capital Investments Code (KAGB) came into force in July 2013. The introduction of the Alternative Investment Fund Managers (AIFM) Directive is just one example of the increasing regulatory requirements for companies offering financial services. As a critical infrastructure in Germany, banks are also subject to the Cyber Security Act, which in addition to data protection places especially high regulatory requirements on organisational and technical cyber security. At the same time inspections by supervisory bodies such as the Federal Financial Supervisory Authority (BaFin) have become more frequent.
Stricter controls on the one hand and increasingly higher demands from customers and consumers on the other have led to a sharp increase in claims in the industry. Furthermore, ever more consumer-friendly legislation has meant that fewer and fewer insurers are prepared to ensure this field. In an increasingly restrictive insurance market, we support financial service providers as a strong partner with in-depth insight into the insurance market and up-to-date knowledge of applicable laws and directives.
Leading banks and issuing houses trust our expertise
For many years we have supported the insurance programmes of leading banks and issuing houses with our Professional Risks team. The expert team consists of experienced lawyers, economists and insurance brokers with excellent knowledge of the insurance market. They help protect against professional indemnity risk as the main risk for our clients in the financial services sector. With our own offices abroad and the broker network, the Funk Alliance, which we manage centrally from Germany, we offer our clients access to foreign insurance markets as well. In addition to in-depth market knowledge especially on D&O (Directors and Officers) insurance, E&O (Errors and Omissions) insurance, cyber risk insurance and criminal defence insurance, our clients benefit from professional claims management.
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