Canada’s financial institutions have a well deserved reputation for probity and prudent capital management. The World Economic Forum recently rated Canada’s banking sector the world’s soundest, with impressive levels of capitalization and non-performing loans at levels a fraction of those seen in the US and Europe.
Canadian financial institutions are well positioned to benefit from growing opportunities in the domestic and international markets. However, they face ongoing issues of chronic low interest rates, intense regulatory control and demographic changes.
Technology such as blockchain, peer-to-peer lending, low-cost online banking and DIY portfolio management represent both opportunities and challenges, and established players will need to be forward-thinking and adapt to succeed.
QBE has supported financial institutions for more than 35 years. We work with many of the world’s leading banks, insurers, fund managers, stock exchanges and other financial institutions, including two-thirds of the world’s top 50 fund managers, global systemically important banks and global systemically important insurers.
As we know that one size does not fit all in the complex world in which you operate, we work with you and your broker to understand your risks in detail and put together tailor-made insurance for your particular circumstances.
Insurance is more than a policy, we know that what you are seeking is the swift and sympathetic resolution of claims. Claims involving financial institutions are often highly complex and involve multiple parties, so clear, efficient communication is vital. We look for ways to resolve claims promptly and fairly, while helping you to protect your customer relationships.
Our underwriting and claims team spans our core geographies – Canada, Australia, the UK, Western Europe and the Middle East – enabling us to harness local knowledge for the benefit of our customers. We also have excellent global capabilities; QBE is one of the world’s leading insurers and we provide multinational solutions to some of the world’s largest and most diverse financial institutions.
Finally, under our unique QBE Premiums4Good initiative, we offer the opportunity to put 25 per cent of your premium into investments with an additional social objective, such as reducing homelessness or helping the environment. We provide annual updates about the projects we have supported, which you are welcome to use in your own corporate social responsibility reporting.
This policy covers financial institutions for the loss of assets and property due to theft, fraud or physical loss or damage. This can range from damage to property to fraud by employees, armed robbery, complex fund transfer losses, and losses caused by computer-based crime.
Read more about Crime
Financial institutions have a large number of highly sensitive records under their care, custody and control, making them a prime target for hackers. With QBE’s Cyber insurance solution, you have access to a team specialists who can help you manage a breach, minimizing the harm to your business and your reputation.
Read more about Cyber
This coverage protects directors and officers from claims resulting from actual or alleged wrongdoing. We tailor our cover to your specific needs and take into account issues such as the lack of clarity around whether individuals carry out certain actions in their capacity as a director or as an advice-giving professional.
Read more about Directors’ and Officers’ Liability
Our comprehensive coverage protects organizations against claims brought by customers and other third parties for bodily injury or property damage.
Read more about General Liability
We partner with brokers and MGAs to offer insurance solutions to groups or associations with a common insurance need, empowering you to generate valuable income and grow your business.
Read more about Group Insurance Programs
Our Mortgage Impairment insurance protects a lender's interest in mortgaged property in the event of uninsured or underinsured damage to the property.
Read more about Mortgage Impairment
We can create compliant multinational programs for a wide range of products – including Property, General Liability, Professional Liability, and Directors’ and Officers’ Liability – in more than 150 countries.
Read more about Multinational
Financial institutions are vulnerable to claims from customers or suppliers – for example, for negligence or not acting with due skill, care and attention. We cover institutions for their liabilities to pay damages to third parties for any form of failure in providing their services.
Read more about Professional Liability/Errors and Omissions
Our Property policy offers protection from damage to your organization’s physical assets, as well as any resulting disruption to your business. We have significant international reach and are able to provide coverage for operations around the world.
Read more about Property