(6 November 2009 – Asia) Allied World Assurance Company has announced the launch of a new product for Asian banks, Bankers Wrap.Bankers’ Wrap, is described as unique to the Asian market, providing a new level of protection for banks at a time when they are facing significant litigation exposures and an uncertain operational risk outlook.
The insurance product, available through a limited number of specialist broker channels with a limit of up to US$25 million (A$27.44 million) provides a solution to a sophisticated area which requires a customised approached to events.
Benjamin Howell, vice president, Professional Lines, Allied World, said that many market participants are restricting coverage for banks at a time when their clients need them most.
Conversely, Allied World has stepped up with an innovative excess solution through which banks can achieve a range of structures, with unique benefits, across their Professional Lines insurance placements, Mr Howell said.
Bankers’ Wrap is Allied World Hong Kong’s recognition that bank operational risk management is a sophisticated area which requires a customised approach to catastrophic events, Mr Howell added.