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Report

Financial institutions claims report: 2023 year in review

In this report, we explore claims trends data for financial institutions insuring through Marsh UK in 2023.
essence of a bustling city financial district with towering skyscrapers

In 2023, Marsh Specialty’s financial institutions claims team handled an increased number of claims which rose to 607 up from 505 in 2022. We also saw an increase in the ratio of claims notified to policies placed, up to 62%, a rise from 51% in 2022.

In this report we examine our 2023 claims data and consider the types of claims that may be recorded in 2024 and beyond. We discuss the “E” in environmental, social, and governance (ESG) and how, despite a potential reframing of the issue, heightened regulatory scrutiny will see FIs exposed not only to greenwashing claims, but “greenbleaching” and “green-hushing” claims as well.

Finally, we explore the threats that generative AI presents from a crime perspective, and how interest rates and cryptocurrency sector developments may combine to shape the FI claims landscape for 2024 and beyond.

To read more about the types of claims we saw in 2023 and learn our thoughts on the rest of this year, download the report below.